HOLON, Israel, Nov. 7, 2017 /PRNewswire/ -- Compugen Ltd.
(NASDAQ: CGEN), a leader in predictive discovery and development of
first-in-class therapeutics for cancer immunotherapy, today
reported financial results for the third quarter ended September 30, 2017.
"We are making important progress advancing our diverse pipeline
as Compugen evolves into a clinical-stage company in 2018," said
Anat Cohen-Dayag, Ph.D., President
and CEO of Compugen. "We are completing CMC and IND-enabling
activities necessary for the anticipated filing of our IND towards
the end of the first quarter of 2018, and we are now working on
finalizing the clinical protocol for our Phase I study, expected to
start in 2018 and designed to test COM701 as a monotherapy and drug
combination treatment. We are also concurrently advancing COM902
through preclinical testing with the aim of filing an IND in
2019.
"Our earlier-stage portfolio of novel myeloid targets is also
progressing with newly disclosed data for certain of our programs
suggesting their potential as drug targets for cancer
immunotherapy. As previously announced, we are fortunate to have
multi-year research collaborations with two leading academic
institutions in the United States,
the Johns Hopkins University School of
Medicine and Mount Sinai Hospital in New York. These collaborations with world
leading experts in immuno-oncology provide us with a broad and
integrated infrastructure for testing the viability of our diverse
set of target programs and advancing them to potentially serve as a
basis for the development of new cancer immunotherapy
treatments.
"We continue to hold discussions with potential industry
partners with respect to the four program areas in our pipeline and
we remain confident that we will achieve multiple collaborations.
We cannot, however, predict the exact timing of completing any such
collaboration, as most of our programs are novel and early stage,
entailing a lengthy evaluation period by prospective partners, and
are therefore taking longer than we originally anticipated to
complete," concluded Dr. Cohen-Dayag.
Paul Sekhri, Chairman of the
Board of Directors, added, "I'm excited to be working with the
Compugen team and I am impressed by the Company's promising novel
immuno-oncology pipeline. The progress the Company has made in the
last few years in advancing its internal development programs has
positioned it well for future corporate growth. The Company's
predictive discovery platform generates promising targets and I am
confident that Compugen's pipeline has commercially valuable assets
which will yield multiple collaboration agreements and bring
first-in-class cancer immunotherapies to patients and physicians. I
look forward to continue working with the Compugen team towards
maximizing shareholder value and addressing unmet medical
need."
Recent highlights:
- Granted patent for COM701 under United States Patent and
Trademark Office Moonshot Program.
- Entered into a new research collaboration agreement with Mount
Sinai Hospital in New York under
the direction of Dr. Miriam Merad, a
world leader in myeloid biology and a member of Compugen's
scientific advisory board (SAB).
- Extended research collaboration with Johns
Hopkins University School of Medicine under the direction of
Prof. Drew Pardoll, chairman of the
Company's SAB.
- Presented CGEN-15032, a newly-disclosed novel myeloid and
epithelial immuno-oncology target, in an oral and a poster
presentation at the 3rd annual CRI-CIMT-EATI-AACR International
Cancer Immunotherapy Conference which took place September 6‑9,
2017 in Mainz/Frankfurt, Germany.
- Entered into a process development and manufacturing service
agreement with Bayer Healthcare LLC to produce COM902 for future
use in clinical trials.
Financial Results
R&D expenses for the third
quarter of 2017 and nine months ended September 30, 2017 were $7.6 million and $21.4 million, respectively, compared with
$6.0 million and $18.2 million in the comparable periods in 2016.
The increase primarily reflects expanded preclinical development
activities involving our pipeline program candidates, mainly
related to COM701 as well as COM902.
Net loss for the third quarter of 2017 was $9.9 million, or $0.19 per diluted share, compared with a net loss
of $7.8 million, or $0.15 per diluted share, for the comparable
period in 2016. Net loss for the nine months ended September 30, 2017 was $27.8 million, or $0.54 per diluted share, compared with a net loss
of $23.0 million, or $0.45 per diluted share, for the comparable
period in 2016.
As of September 30, 2017, cash and
cash related accounts totaled $38.5
million, compared with $61.5 million as of December 31, 2016. The Company has no debt.
Conference Call and Webcast Information
Compugen will
hold a conference call to discuss its third quarter 2017 results
today, November 7, 2017, at
10:00 a.m. ET. To access the live
conference call by telephone, please dial 1-888-281-1167 from the
US, or +972-3-918-0644 internationally. The conference call will
also be available via live webcast through Compugen's website,
located at the following link. Following the live audio webcast, a
replay will be available on the Company's website.
(Tables to follow)
About Compugen
Compugen is a therapeutic discovery and
development company utilizing its broadly applicable predictive
discovery infrastructure to identify novel drug targets and develop
first-in-class therapeutics in the field of cancer immunotherapy.
The Company's therapeutic pipeline consists of immuno-oncology
programs against novel drug targets it has discovered, including T
cell immune checkpoints and myeloid target programs. Compugen's
business model is to selectively enter into collaborations for its
novel targets and related drug product candidates at various stages
of research and development. The Company is headquartered in
Israel, with R&D facilities in
both Israel and South San Francisco, CA. Compugen's shares are
listed on NASDAQ and the Tel Aviv Stock Exchange under the ticker
symbol CGEN. For additional information, please visit Compugen's
corporate website at 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," "potential,"
"plan," "goal," "estimate," "likely," "should," "confident," and
"intends," and describe opinions about possible 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, Compugen may not be successful in
generating adequate revenues or commercializing aspects of its
business model. Moreover, 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, including the ability to finance the
Company, 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 (SEC) as well as other documents
that may be subsequently filed by Compugen from time to time with
the SEC. 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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Revenues
|
-
|
|
70
|
|
-
|
|
659
|
Cost of
revenues
|
-
|
|
21
|
|
-
|
|
188
|
Gross
profit
|
-
|
|
49
|
|
-
|
|
471
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and
development expenses
|
7,620
|
|
6,004
|
|
21,413
|
|
18,241
|
Marketing and
business development expenses
|
289
|
|
270
|
|
898
|
|
741
|
General and
administrative expenses
|
2,070
|
|
1,742
|
|
5,708
|
|
5,335
|
Total operating
expenses
|
9,979
|
|
8,016
|
|
28,019
|
|
24,317
|
|
|
|
|
|
|
|
|
Operating
loss
|
(9,979)
|
|
(7,967)
|
|
(28,019)
|
|
(23,846)
|
Financial and other
income, net
|
108
|
|
186
|
|
263
|
|
852
|
Loss before taxes
on income
|
(9,871)
|
|
(7,781)
|
|
(27,756)
|
|
(22,994)
|
Taxes on
income
|
-
|
|
-
|
|
-
|
|
20
|
Net
loss
|
(9,871)
|
|
(7,781)
|
|
(27,756)
|
|
(23,014)
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per ordinary share
|
(0.19)
|
|
(0.15)
|
|
(0.54)
|
|
(0.45)
|
Weighted average
number of ordinary shares
used in computing basic and diluted net loss per share
|
51,163,404
|
|
50,927,819
|
|
51,142,277
|
|
50,792,439
|
COMPUGEN
LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in
thousands)
|
|
|
September
30,
|
December
31,
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Audited
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash, cash
equivalents, short-term
bank deposits and restricted cash
|
38,457
|
|
61,527
|
Other accounts
receivable and prepaid expenses
|
910
|
|
1,153
|
Total current
assets
|
39,367
|
|
62,680
|
|
|
|
|
Non-current
assets
|
|
|
|
Long-term prepaid
expenses
|
109
|
|
92
|
Severance pay
fund
|
2,693
|
|
2,402
|
Property and
equipment, net
|
4,921
|
|
5,965
|
Total non-current
assets
|
7,723
|
|
8,459
|
|
|
|
|
Total
assets
|
47,090
|
|
71,139
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Other accounts
payable, accrued expenses
and trade payables
|
5,854
|
|
4,740
|
Total current
liabilities
|
5,854
|
|
4,740
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Accrued severance
pay
|
3,238
|
|
2,880
|
Total non-current
liabilities
|
3,238
|
|
2,880
|
|
|
|
|
Total
shareholders' equity
|
37,998
|
|
63,519
|
Total liabilities
and shareholders' equity
|
47,090
|
|
71,139
|
Company contact:
Elana
Holzman
Director, Investor Relations and Corporate Communications
Compugen Ltd.
Email: elanah@cgen.com
Tel: +972 (3) 765-8124
Investor Relations contact:
Burns McClellan, Inc.
Jill Steier
Email: jsteier@burnsmc.com
Tel: 212-213-0006
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content:http://www.prnewswire.com/news-releases/compugen-reports-third-quarter-2017-results-300550836.html
SOURCE Compugen Ltd.