Compugen Signs $5 Million R&D Funding Agreement in Support of its Pipeline Program
30 Diciembre 2010 - 6:00AM
Business Wire
Compugen Ltd. (NASDAQ: CGEN) announced today that it has entered
into an agreement with Baize Investments (Israel) Ltd., a private
corporation investing, inter alia, in innovative medical
technologies, under which it will receive $5,000,000 in R&D
funding. Under the terms of the funding agreement, which is in
support of Compugen's recently announced Pipeline Program, Baize
Investments has obtained a financial interest in five designated
Compugen-discovered molecules and has been issued a warrant to
purchase 500,000 Compugen shares at an exercise price of $6.00 per
share, expiring June 30, 2013.
Baize Investments' financial interest in the five designated
molecules consists of the right to receive from Compugen up to 10%
of certain future payments received by Compugen from third parties
in the event of the successful licensing out for development and/or
commercialization of such designated Compugen molecules. Currently,
all five molecules are in active research in the Company's Pipeline
Program, with their current status ranging from in silico selection
to post animal model validation. In addition, the investor has the
right, until June 30, 2013, to waive his right to receive all such
future payments in exchange for 833,334 Compugen ordinary shares.
The financial terms for the investor were established based on the
assumption that any out-licensing of the designated molecules would
be undertaken no later than IND filing.
Martin Gerstel, Compugen's Chairman, stated, "This arrangement
is an excellent example of how we can financially leverage our
unique predictive product candidate discovery infrastructure to
provide an increasing number of novel and attractive product
candidates for potential licensing. Given the continuous expansion
and improvement of this infrastructure, the in silico prediction
and selection of candidates is from a practical standpoint,
essentially without limit as to the number of attractive candidates
that can feed our Pipeline Program, and on an extremely
cost-effective and systematic basis. Recently we announced the
addition of twenty such novel molecules to the Program, and more
have been added since that announcement. The funds received by
Compugen pursuant to the agreement being announced today will allow
us to pursue more aggressively our ambitious objectives for the
Pipeline Program during the next few years."
Mr. Gerstel continued, "In view of their long-term interest in
the activities of the Company, we are very pleased to have Baize
Investments and Mr. Murray Goldman join the Compugen team in this
very meaningful endeavor."
Murray Goldman, Baize Investments' Chairman, stated, "During the
past few years, we have followed Compugen's scientific progress and
growing predictive discovery capabilities. We are extremely pleased
to become a financial partner in advancing these exciting product
candidates, all of which have the potential to address significant
unmet medical needs."
About Compugen's Pipeline Program
Compugen utilizes its systematic and broadly applicable
predictive discovery capabilities to provide product candidates to
the drug and diagnostic industries under licensing and other
commercialization arrangements.
During 2010, the company's Pipeline Program was initiated to
both expand the number of in silico predicted and selected
therapeutic candidates undergoing in vitro and in vivo validation,
and to significantly enhance the commercial value of Compugen's
product candidate pipeline by advancing certain candidates 12-18
months beyond the successful animal disease model proof of concept
stage. In October 2010, Compugen announced that approximately 20
novel molecules had entered the Pipeline Program, in addition to
eight molecules that had at that time already successfully
completed animal disease model or similar therapeutic proof of
concept validation studies, and additional molecules have been
added since then to the Pipeline Program. The current areas of
focus for the Pipeline Program are oncology and immunology
therapeutics, primarily in the form of protein, peptide and
monoclonal antibody drug candidates.
About Compugen
Compugen is a leading drug and diagnostic product candidate
discovery company. Unlike traditional high throughput trial and
error experimental based discovery, Compugen's discovery efforts
are based on in silico (by computer) product candidate prediction
and selection utilizing a broad and continuously growing
infrastructure of proprietary scientific understandings and
predictive platforms, algorithms, machine learning systems and
other computational biology tools to address important unmet
therapeutic and diagnostic needs – both for Compugen and its
partners. Compugen's growing number of collaborations covering the
further development and commercialization of Compugen-discovered
product candidates provides Compugen with potential milestone
payments and royalties on product sales or other forms of revenue
sharing. These collaborations may be entered into before product
candidate discovery is undertaken pursuant to "discovery on demand"
type arrangements, or with respect to existing product candidates.
Collaborations can be initiated prior to or at the proof of concept
stage, or after additional preclinical activities have been
undertaken by Compugen. In 2002, Compugen established an affiliate,
Evogene Ltd. (www.evogene.com) (TASE: EVGN.TA), to utilize certain
of the Company's in silico predictive discovery capabilities in
agricultural biotechnology. For additional information, please
visit Compugen's corporate website at www.cgen.com.
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements include words such as "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. Some of
these risks are: changes in relationships with collaborators; 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
identified and more fully explained under the heading "Risk
Factors" in Compugen's annual reports filed with the Securities and
Exchange Commission.
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