Compugen Ltd. (NASDAQ: CGEN) today reported financial results
for the first quarter ending March 31, 2011.
Dr. Anat Cohen-Dayag, president and CEO, stated, "Compugen
continues to advance its Pipeline Program, targeting the
development of superior therapeutic products for important unmet
medical needs. As previously disclosed, although our underlying
predictive discovery infrastructure is broadly applicable for
biological therapeutics and molecular diagnostics, our current
focus is on monoclonal antibody ("mAb"), protein and peptide
therapeutics in the fields of oncology and immunology, including
both autoimmune and inflammatory conditions. Currently, there are
more than 30 candidates at various stages of evaluation. In
addition to our efforts in advancing this early stage therapeutic
pipeline, we continue to undertake additional candidate discovery
programs to both increase the number of candidates in the Pipeline
and replace those that fail. And, to maintain our leadership
position in predictive discovery, our research team continues to
enhance our unique discovery infrastructure through the development
of additional algorithms and platforms."
Martin Gerstel, Compugen’s chairman, added, "As exemplified in
our recent press release describing our broad capabilities in the
discovery of superior targets for mAb therapy in cancer, and as
illustrated by our existing Pipeline Program to be reviewed in
today's webcast, we are finding that the ability to systematically
address unmet medical needs through the combined utilization of a
number of distinct, but mutually supporting methodologies, all of
which are predictive based, is proving to be a major competitive
advantage for our Company."
As previously stated, our quarterly results are, and will
continue to be, subject to substantial fluctuations. No revenues
were recorded for the first quarter of 2011 compared with $125,000
for the first quarter of 2010.
The net loss for the most recent quarter was $1.9 million
(including a non-cash expense of $379,000 related to stock based
compensation), or $0.06 per share, compared with a net loss of $2.7
million (including a non-cash expense of $911,000 related to stock
based compensation), or $0.08 per share, for the corresponding
quarter of 2010.
Research and development expenses were $1.7 million for the
first quarter of 2011 and $1.6 million for the first quarter of
2010 and remain the Company’s largest category of expense. The
amount for the first quarter of 2011 is before the deduction of
$48,000 of governmental and other grants; no grants were recognized
for the first quarter of 2010.
As of March 31, 2011, Compugen had $25.5 million in cash and
cash equivalents and short-term bank deposits, compared with $21.8
million as of December 31, 2010. These amounts do not include the
market value of the Evogene shares held by the Company.
Conference Call and Webcast Information
The Company will host a live webcast and conference call at
10:00 AM EDT on Wednesday, May 11, 2011 to review first quarter
2011 results and to present a corporate overview and status slide
presentation focusing on the Company’s Pipeline Program.
The live webcast can be accessed from Compugen’s website
(www.cgen.com) or at this link. The audio portion will also be
available via conference call, which can be accessed by dialing
1-888-407-2553 from the US, or +972-3-918-0610 internationally.
The presentation slides will be available under corporate
presentations on the financial reports page of the investors
section of the Compugen website (www.cgen.com) or at this link.
After clicking on the link, please enter your information, and then
please select the second option "Web Participant Application". For
support, please call +972-3-925-6000.
A replay of the conference call will be available approximately
two hours after the completion of the live conference call. To
access the replay, please dial 1-888-295-2634 from the US or
+972-3-925-5928 internationally. The replay will be available
through May 14, 2011.
About Compugen
Compugen is a leading drug and diagnostic discovery company
providing novel product candidates addressing important unmet
therapeutic and diagnostic needs to pharmaceutical, biotech and
diagnostic companies under milestone and royalty bearing or other
revenue sharing agreements. Unlike traditional high throughput
trial and error experimental based discovery, Compugen's discovery
efforts consist of in silico (by computer) hypothesis-driven
product candidate prediction and selection followed by in vitro and
in vivo experimental validation. Compugen' unique in silico
prediction and selection capabilities are based on a broad and
continuously growing infrastructure of proprietary scientific
understandings and predictive platforms, algorithms, machine
learning systems and other computational biology tools. Industry
collaborations may be entered into before product candidate
discovery is undertaken pursuant to "discovery on demand" type
arrangements, or with respect to existing product candidates, can
be initiated prior to, or at the proof of concept stage, or after
selected preclinical activities have been undertaken by Compugen.
In 2002, Compugen established an affiliate, Evogene Ltd.
(www.evogene.com) (TASE:EVGN.TA), to utilize certain of the
Company's in silico predictive discovery capabilities in
agricultural biotechnology. For additional information, please
visit Compugen's corporate website at www.cgen.com.
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements include words such as "may", "expects",
"anticipates", "believes", and "intends", and describe opinions
about future events. These forward-looking statements involve known
and unknown risks and uncertainties that may cause the actual
results, performance or achievements of Compugen to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Some of
these risks are: changes in relationships with collaborators; the
impact of competitive products and technological changes; risks
relating to the development of new products; and the ability to
implement technological improvements. These and other factors are
identified and more fully explained under the heading "Risk
Factors" in Compugen's annual reports filed with the Securities and
Exchange Commission.
COMPUGEN LTD.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(U.S. dollars in thousands, except for
share and per-share amounts)
Three Months EndedMarch 31
2011
Unaudited
2010
Unaudited
Revenues - 125 Research and
development expenses 1,691 1,635 Less: governmental and
other grants (48 ) - Research and development expenses, net
1,643 1,635 Marketing and business development expenses 148
188 General and administrative expenses 643 1,020
Total operating expenses * 2,434 2,843
Operating loss (2,434 ) (2,718
) Financial income (expenses), net 294 (1 )
Other income 240 -
Net loss (1,900 )
(2,719 ) Basic and diluted net loss per
ordinary share (0.06 ) (0.08 ) Weighted average number of
ordinary shares outstanding 34,091,738 33,010,196
* Includes stock based compensation
COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
DATA
(U.S. dollars, in thousands)
March 31,2011Unaudited
December 31,2010Audited
ASSETS Current assets Cash, cash
equivalents and short-term bank deposits 25,532 21,824
Restricted cash 99 684 Trade receivables - 21
Accounts receivable and prepaid expenses 840 548 Receivables
from funding arrangement - 5,000
Total current assets
26,471 28,077 Long-term
investments Investment in Evogene 5,794 6,227
Long-term prepaid expenses 70 64 Severance pay fund 1,535
1,510
Total long-term investments 7,399
7,801 Property and equipment, net
557 580 Total assets 34,427
36,458 LIABILITIES AND SHAREHOLDERS’
EQUITY Current liabilities Accounts
payable and accrued expenses 1,596 2,441
Total current
liabilities 1,596 2,441
Long-term liabilities Research and development
funding arrangement 4,213 4,037 Accrued severance pay 1,699
1,695
Total long-term liabilities 5,912
5,732 Total shareholders’ equity
26,919 28,285 Total liabilities and
shareholders’ equity 34,427 36,458
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