Compugen to Significantly Expand Immuno-Oncology Activities During 2014
08 January 2014 - 1:26AM
Business Wire
Expansion includes parallel advancement of
multiple immune checkpoint Pipeline Programs
R&D expenditures for 2014 anticipated to
increase by more than 60%
Compugen Ltd. (NASDAQ: CGEN) announced today that it is
significantly increasing its Pipeline Program activities in the
field of immuno-oncology. The primary purpose of the increase is to
allow research and preclinical activities for a larger number of
checkpoint target and product candidates for cancer immunotherapy
to move forward in parallel. Additional objectives include the
establishment of a biomarker discovery program for certain of the
Company’s checkpoint product candidates and the acceleration of
experimental validation efforts for the recently disclosed antibody
drug conjugate (ADC) target candidates for oncology.
The significant increase in immuno-oncology activities during
2014 will impact both the target research and validation activities
performed in Israel and the therapeutic antibody development
efforts against Compugen-discovered drug targets undertaken by the
Company's U.S. R&D subsidiary. This includes the scheduled
relocation of the U.S. subsidiary to larger facilities in the South
San Francisco area in mid-year.
Dr. Anat Cohen-Dayag, Compugen’s President and CEO, stated,
“These expanded activities are anticipated to result in more than a
sixty percent increase in our annual R&D cash expenditures,
from approximately $10 million in 2013 to more than $16 million
budgeted for 2014. Having begun 2014 with more than $50 million in
available resources, we are confident that this increased R&D
budget, providing for a substantially expanded program in oncology
while maintaining approximately the same level of expenditures for
the immunology arm of our Pipeline Program, is fully consistent
with our financial status and outlook.”
Dr. Cohen-Dayag continued, “The field of immuno-oncology is now
being described as providing a paradigm shift in cancer treatment.
But despite the recent impressive clinical success of antibodies
against immune checkpoint regulators, the majority of treated
patients do not respond when treated with one drug, suggesting that
additional checkpoints are driving immune suppression in
non-responders. Therefore, an area of significant current focus in
this field is to increase the percentage of responders through the
use of drug combinations, including additional checkpoint
inhibitors and other drugs. Accordingly, we believe, Compugen’s
multiple novel checkpoint candidates offer timely and unique
therapeutic and commercial opportunities.”
Dr. Cohen-Dayag explained, “Several years ago Compugen selected
the field of immuno-oncology as its first focused discovery
program, resulting in very successful immune checkpoint target
discovery and validation efforts. We begin 2014 with multiple
early-stage novel immune checkpoint candidates, in addition to the
two that are the subject of a collaboration and license agreement
signed last year. Moving forward, our increased oncology R&D
budget is expected to allow us to advance more of these candidates
in parallel, both for future additional early stage collaborations
and our own internal development towards human clinical trials.
Furthermore, since certain biomarkers, such as companion
diagnostics, are expected to be highly beneficial in this rapidly
growing field of immuno-oncology, we plan to establish a predictive
biomarker discovery program for certain of our product
candidates.”
Dr. Cohen-Dayag concluded, “During 2014 we look forward to
further demonstrating, both scientifically and commercially, the
value of the unique and powerful predictive discovery
infrastructure that has been created by Compugen, which we continue
to enhance. Similar to last year, we expect to include in our 2013
yearend press release and conference call selected corporate
objectives established for the current year.”
About Compugen
Compugen is a leading drug discovery company focused on
therapeutic proteins and monoclonal antibodies to address important
unmet needs in the fields of immunology and oncology. The Company
utilizes a broad and continuously growing integrated infrastructure
of proprietary scientific understandings and predictive platforms,
algorithms, machine learning systems and other computational
biology capabilities for the in silico (by computer) prediction and
selection of product candidates, which are then advanced in its
Pipeline Program. The Company's business model includes
collaborations covering the further development and
commercialization of product candidates at various stages from its
Pipeline Program and various forms of research and discovery
agreements, in both cases providing Compugen with potential
milestone payments and royalties on product sales or other forms of
revenue sharing. In 2012, Compugen established operations in
California for the development of oncology and immunology
monoclonal antibody therapeutic candidates against Compugen drug
targets. For additional information, please visit Compugen's
corporate website at www.cgen.com.
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include words such as “may,” “expects,”
“anticipates,” “potential,” “believes,” and “intends,” and describe
opinions about future events. Forward-looking statements in this
press release include, but are not limited to, statements regarding
the expected increase during 2014 in the Company’s R&D
activities and expenditures and the possible positive impact that
such an increase could have on the number of Compugen’s
immuno-oncology product candidates that could be advanced; the
ability to establish a biomarker discovery program; the advancement
of certain other discoveries and product candidates including
targets for ADC use and the immunology arm of the Company’s
Pipeline Program; and demonstration during the year of the
scientific and commercial value of the Company’s discovery
infrastructure. 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 and
other factors are discussed in the "Risk Factors" section of
Compugen’s Annual Report on Form 20-F for the year ended December
31, 2012 as filed with the Securities and Exchange Commission. In
addition, any forward-looking statements represent Compugen’s views
only as of the date of this release and should not be relied upon
as representing its views as of any subsequent date. Compugen does
not assume any obligation to update any forward-looking statements
unless required by law.
Compugen Ltd.Tsipi Haitovsky, +972-52-598-9892Global Media
Liaisontsipih@netvision.net.il
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