Compugen Achieves Second Preclinical Milestone in Cancer Immunotherapy Collaboration with Bayer
15 October 2014 - 5:02AM
Business Wire
Compugen Ltd. (NASDAQ: CGEN) disclosed today that it
has achieved a second milestone in its cancer immunotherapy
collaboration it entered last year with Bayer HealthCare (Bayer).
The collaboration provides for the research, development, and
commercialization of antibody-based cancer therapeutics against two
novel Compugen-discovered immune checkpoint regulators. The
milestone being announced today relates to the second preclinical
milestone for one of the checkpoint protein candidates. The
achievement of the initial milestone for this candidate was
announced in July of this year.
About the Compugen/Bayer HealthCare Collaboration and License
Agreement
Under the terms of a collaboration and license agreement signed
in August 2013, Compugen and Bayer are jointly pursuing a
preclinical research program for antibody-based cancer
immunotherapy against two novel Compugen-discovered immune
checkpoint regulators. Subsequently, Bayer will have full control
over further development and have worldwide commercialization
rights for potential cancer therapeutics. Compugen received an
upfront payment of $10 million and is eligible to receive over $500
million in potential milestone payments for both checkpoint
programs, plus an additional $30 million of potential milestone
payments associated with joint preclinical research for the two
programs, which includes payments related to the two milestones
achieved to date. Compugen is also eligible to receive
royalties on global net sales from any resulting products under the
collaboration.
About Cancer Immunotherapy
Latest cancer immunotherapies have demonstrated impressive
clinical benefit, even for end-stage patients with
difficult-to-treat tumors such as metastatic melanoma and non-small
cell lung cancer. Unlike conventional cancer therapies, which act
by directly targeting the cancer cells, often resulting in only
transient clinical responses as cancer cells become resistant,
clinical responses to cancer immunotherapy tend to be durable,
sometimes resulting in dramatic long-term survival and the absence
of resistance or recurrences.
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 oncology and immunology. 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. Compugen’s wholly-owned U.S.
subsidiary located in South San Francisco is developing oncology
and immunology monoclonal antibody therapeutic candidates against
its 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, including statements related to the potential for development
and commercialization of therapeutic products pursuant to the Bayer
collaboration and the potential for Compugen to receive additional
payments under the collaboration. Forward-looking statements can be
identified by the use of terminology such as “will”, “may”,
“expects”, “potential”, “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 inability to reach mutually
agreeable terms and conditions with respect to potential new
collaborations; 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 discussed in the "Risk Factors" section
of Compugen’s most recent Annual Report on Form 20-F as filed with
the Securities and Exchange Commission as well as other documents
that may be subsequently filed by Compugen from time to time 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 HaitovskyGlobal Media
Liaison+972-52-598-9892tsipih@cgen.com
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