Compugen Ltd (CGEN)

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Compugen will need more cash by mid-2009
06.2.07 | 15:07 By Omri Cohen
Biotechnology company Compugen (Nasdaq: CGEN) racked up more losses in the last quarter of 2006.

In fact, its loss widened by 15% to $3.8 million in the last quarter, compared with $3.4 million in the same period of 2005.

However, it managed to make $10,000 in sales, compared with zero in the parallel quarter.

Compugen ended 2006 with $26.4 million cash.

The company said it expects to post expenditure of $12-14 million in 2007, and net cash burn of $9-11 million. By the end of the year it should have $16 million left.

Assuming that Compugen doesn't find a new source of income this year or in 2008, the company will have to raise more money by mid-2009.

http://www.haaretz.com/hasen/spages/822613.html

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