HOLON, Israel, Aug. 2, 2016 /PRNewswire/ -- Compugen Ltd.
(NASDAQ: CGEN), a leading predictive drug discovery company, today
reported financial results for the second quarter ending
June 30, 2016.
Anat Cohen-Dayag, Ph.D.,
Compugen's President and Chief Executive Officer, stated, "Our
broad portfolio of novel targets for immuno-oncology is comprised
of two key categories - T cell-based and myeloid cell-based
immune checkpoint target candidates, with candidates in both
categories identified within the tumor microenvironment of multiple
types of cancers. These discoveries provide Compugen with the
potential for the development of multiple transformational,
first-in-class, antibody drugs for immuno-oncology. In this
respect, during the past quarter we selected a lead therapeutic
antibody for CGEN-15029, named COM701, which is now undergoing
preclinical development activities in preparation for advancement
to clinical trials, with an anticipated IND filing next year."
Dr. Cohen-Dayag continued, "In parallel with our therapeutic
development activities, we are also pursuing a significant,
previously undisclosed research activity, under which we have
established a comprehensive in vivo validation system, based
on knockout mice, where the target of interest has been genetically
removed. This activity was initiated in early 2015 and was applied
to the majority of the Company's immuno-oncology target candidates,
in order to further evaluate in vivo their likely clinical
relevance, identify effective drug combinations, and assess the
mechanisms-of-action by which our targets suppress immune response.
Similar evaluations in knockout mice were a major factor driving
the development of approved immuno-oncology therapies such as PD-1
and CTLA-4 inhibitors, and have been shown to be predictive of the
ultimate clinical relevance of their respective target
proteins."
Dr. Cohen-Dayag concluded, "Now, with our immuno-oncology target
pipeline consisting of both T cell-based and myeloid cell-based
immune checkpoint target candidates, we are focusing on target
candidates that have the potential to complement each other, and
that are expected to substantially enhance the overall value of our
pipeline, particularly when taking into consideration the need for
combination therapies."
Revenues for the second quarter of 2016 and six months ending
June 30, 2016 were $0.5 million and $0.6
million respectively, compared with $0.2 million and $0.7
million for the comparable periods in 2015, reflecting
primarily the milestone in the amount of $0.4 million achieved in the second quarter of
2016 and the non-cash amortization during these periods of the
upfront payment, in both cases related to the August 2013 collaboration and license agreement
with Bayer.
R&D expenses for the second quarter of 2016 and six months
ending June 30, 2016 were
$5.5 million and $12.2 million respectively, compared with
$5.2 million and $10.1 million in the comparable periods in
2015. The increase primarily reflects expanded activities involving
our pipeline program candidates, including the hiring of additional
professional employees and manufacturing and regulatory consultants
to support pre-clinical activities.
Net loss for the second quarter of 2016 was $6.6 million, or $0.13 per diluted share, compared with a net loss
of $6.8 million, or $0.14 per diluted share, for the comparable
period in 2015. Net loss for the six months ending June 30, 2016 was $15.2
million, or $0.30 per diluted
share, compared with a net loss of $13.0
million, or $0.26 per diluted
share, for the comparable period in 2015.
As of June 30, 2016, cash and cash
related accounts totaled $74.1
million, compared with $81.4
million as of December 31,
2015. The Company has no debt.
Conference Call and Webcast Information
Compugen will hold a conference call to discuss its second
quarter 2016 results today, August 2,
2016 at 10:00 a.m. ET. To
access the conference call, please dial 1-888-407-2553 from the US
or +972-3-918-0685 internationally. The call will also be available
via live webcast 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 +972-3-925-5925
internationally. The replay will be available through August 4, 2016.
(Tables to follow)
About Compugen
Compugen is a leading therapeutic discovery company utilizing
its broadly applicable predictive discovery infrastructure to
identify novel drug targets and develop first-in-class biologics.
The primary focus of the Company's current pipeline is on immune
checkpoint target candidates discovered by the Company, potentially
providing the basis for a next wave of therapeutics for cancer
immunotherapy. Compugen's business model is based on selectively
entering into collaborations for its novel target candidates and
drug product candidates at various stages of research and
development under revenue-sharing agreements. The Company is
headquartered in Israel, with
R&D facilities in Israel and
South San Francisco. At the US facilities, monoclonal antibody
therapeutic candidates are discovered and developed against the
Company's novel target candidates. For additional information,
please visit Compugen's corporate website at
http://www.cgen.com.
Forward-Looking Statement
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. 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. Among these risks:
Compugen's business model is substantially dependent on entering
into collaboration agreements with third parties, and Compugen may
not be successful in generating adequate revenues or
commercializing aspects of its business model; and the development
and commercialization of therapeutic candidates involve many
inherent risks, including failure to progress to clinical trials
or, if they progress to or enter clinical trials, failure to
receive regulatory approval. These and other factors are more fully
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
OPERATIONS
|
(U.S. dollars in thousands,
except for share and per share
amounts)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
496
|
|
223
|
|
589
|
|
736
|
Cost of
revenues
|
|
86
|
|
148
|
|
167
|
|
396
|
Gross
profit
|
|
410
|
|
75
|
|
422
|
|
340
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and development
expenses,
net
|
5,463
|
|
5,189
|
|
12,237
|
|
10,109
|
Marketing and business
development
expenses
|
199
|
|
248
|
|
471
|
|
478
|
General and administrative
expenses
|
1,756
|
|
1,591
|
|
3,593
|
|
3,028
|
Total operating
expenses
|
7,418
|
|
7,028
|
|
16,301
|
|
13,615
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(7,008)
|
|
(6,953)
|
|
(15,879)
|
|
(13,275)
|
Financing and other income,
net
|
396
|
|
145
|
|
666
|
|
324
|
Loss before taxes on
income
|
(6,612)
|
|
(6,808)
|
|
(15,213)
|
|
(12,951)
|
Taxes on
income
|
|
20
|
|
-
|
|
20
|
|
-
|
Net
loss
|
(6,632)
|
|
(6,808)
|
|
(15,233)
|
|
(12,951)
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss
per ordinary
share
|
(0.13)
|
|
(0.14)
|
|
(0.30)
|
|
(0.26)
|
Weighted average number of
ordinary shares used in computing basic and diluted net loss per
share
|
50,820,607
|
|
50,405,022
|
|
50,724,004
|
|
50,374,993
|
COMPUGEN
LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
DATA
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
Unaudited
|
|
Audited
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash, cash equivalents,
short-term bank deposits and restricted
cash
|
74,078
|
|
81,421
|
Investment in marketable
securities
|
104
|
|
426
|
Trade
receivable
|
|
400
|
|
7,800
|
Other accounts receivable
and prepaid
expenses
|
1,332
|
|
1,352
|
Total current
assets
|
75,914
|
|
90,999
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
Non-current prepaid
expenses
|
96
|
|
101
|
Severance pay
fund
|
|
2,281
|
|
2,179
|
Property and equipment,
net
|
6,169
|
|
6,028
|
Total non-current
assets
|
8,546
|
|
8,308
|
|
|
|
|
|
|
Total
assets
|
|
84,460
|
|
99,307
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Other accounts payable,
accrued expenses and trade
payables
|
4,415
|
|
6,542
|
Deferred
revenues
|
|
123
|
|
312
|
Total current
liabilities
|
4,538
|
|
6,854
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Accrued severance
pay
|
2,789
|
|
2,556
|
Total non-current
liabilities
|
2,789
|
|
2,556
|
|
|
|
|
|
|
Total shareholders'
equity
|
77,133
|
|
89,897
|
Total liabilities and
shareholders'
equity
|
84,460
|
|
99,307
|
|
|
|
|
|
|
|
Company contact:
Tsipi Haitovsky
Global Media Liaison
Compugen Ltd.
Email: tsipih@cgen.com
Tel: +972-52-598-9892
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/compugen-ltd-reports-2nd-quarter-2016-financial-results-300307569.html
SOURCE Compugen Ltd.