Compugen Ltd. (NASDAQ: CGEN) today reported financial
results for the third quarter and nine months ending September 30,
2014.
Dr. Anat Cohen-Dayag, Compugen’s President and CEO, stated,
"During 2014 we were pleased to report continuing progress with
respect to our early stage B7/CD28-like checkpoint based
immuno-oncology programs. These promising results demonstrate
potential first-in-class therapeutic opportunities for a number of
our candidates in this extremely attractive area of cancer therapy.
In addition, these and other reported achievements continue to
demonstrate the impressive power and accuracy of our unique
predictive discovery capabilities.”
Dr. Anat Cohen-Dayag continued, “We are also pleased to see the
resulting diversity and number of potential commercial
opportunities these achievements are providing for evaluation.
Furthermore, the concurrent substantial increase in our financial
resources has provided us with the financial strength required for
their practical consideration.”
Revenues for the third quarter of 2014 were $1.7 million,
compared with $1.6 million in the third quarter of 2013. Net loss
for the third quarter of 2014 was $5.4 million, or $0.11 per
diluted share, compared with a net loss of $4.7 million, or $0.12
per diluted share, in the comparable period in 2013.
Revenues for the nine-month period ended September 30, 2014 were
$5.8 million, compared with $1.8 million in the comparable period
of 2013. The increase in revenues is attributable to the milestone
payment and the relevant portion of the non-refundable upfront
payment relating to the August 2013 collaboration and license
agreement with Bayer HealthCare AG. Net loss for the nine-month
period in 2014 was $9.6 million, or $0.20 per diluted share,
compared with a net loss of $11.2 million or $0.29 per diluted
share in the same period of 2013.
As of September 30, 2014, cash and cash related accounts totaled
$107.4 million, compared with $46.8 million at December 31, 2013.
This increase resulted primarily from net proceeds of $67.0 million
from the Company's underwritten public offering of ordinary shares
completed in March 2014.
Conference Call and Webcast Information Conference
Call and Webcast Information
Compugen will hold a conference call to discuss its third
quarter 2014 results today, October 29, 2014 at 10:00 a.m. ET. To
access the conference call, please dial 1-866-229-7198 from the US
or +972-3-918-0650 internationally. The call will also be available
via live webcast through Compugen’s website, located at the
following link. 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 1-888-326-9310
from the US or +972-3-925-5900 internationally. The replay will be
available through October 31, 2014.
(Tables to follow)
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.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by the use of
terminology such as “will,” “may,” “expects,” “anticipates,”
“believes,” and “intends,” and describe opinions about future
events and include statements related to the impressive power and
accuracy of the Company’s unique predictive discovery capabilities;
therapeutic opportunities demonstrated by the progress of the
Company’s B7/CD28-like checkpoint based immuno-oncology programs
and other reported achievements; and the potential commercial
opportunities available for consideration by the Company due its
scientific achievements and financial strength. 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 CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(U.S. dollars in thousands, except for
share and per-share amounts)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2014Unaudited
2013Unaudited
2014Unaudited
2013Unaudited
Revenues 1,718 1,590 5,815 1,774 Cost of revenues 741
1,465 2,357 1,699
Gross profit
977 125 3,458 75
Operating expenses Research and development
expenses, net 3,910 2,842 10,226 9,018 Marketing and business
development expenses 156 415 438 767 General and administrative
expenses 1,504 1,270 4,016 3,375
Total operating expenses * 5,570 4,527
14,680 13,160
Operating loss (4,593 ) (4,402 )
(11,222 ) (13,085 ) Financing income
(loss), net ** (802 ) (185 ) 1,670 2,085
Net loss
before taxes (5,395 ) (4,587 )
(9,552 ) (11,000 ) Taxes on income -
155 60 155
Net loss
(5,395 ) (4,742 ) (9,612 )
(11,155 ) Basic and diluted net loss per
ordinary share (0.11 ) (0.12 ) (0.20 ) (0.29 ) Weighted average
number of Ordinary shares used in computing basic and diluted net
loss per share 49,089,165 39,145,119 47,021,655 38,217,843
*
Includes non-cash stock based
compensation.
**
Includes non-cash income (expenses)
related to the Baize research and development funding
arrangement.
COMPUGEN LTD. CONDENSED CONSOLIDATED
BALANCE SHEETS DATA
(U.S. dollars, in thousands)
September 30,2014
December 31,2013
Unaudited Audited ASSETS Current assets
Cash, cash equivalents and short-term bank deposits $ 107,383 $
46,766 Investment in Evogene 1,453 4,565 Other accounts receivable
and prepaid expenses 1,272 1,885
Total current
assets 110,108 53,216
Non-current
investments Severance pay fund 2,075 2,129
Total non-current investments 2,075 2,129
Non-current prepaid expenses 100 158
Property and equipment, net 2,349 1,208
Total assets $ 114,632 $ 56,711
LIABILITIES AND SHAREHOLDERS’ EQUITY Current
liabilities Other accounts payable, accrued expenses and trade
payables $ 3,091 $ 2,421 Deferred revenues 2,018
5,318
Total current liabilities 5,109 7,739
Non-current liabilities Research and development
funding arrangement 526 13,189 Deferred revenues 326 1,454 Accrued
severance pay 2,356 2,441
Total non-current liabilities
3,208 17,084
Total shareholders’ equity
106,315 31,888
Total liabilities and shareholders’
equity $ 114,632 $ 56,711
Compugen Ltd.Tsipi Haitovsky, +972-52-598-9892Global Media
Liaisontsipih@cgen.com
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