HOLON, Israel, May 10, 2016 /PRNewswire/ -- Compugen
Ltd. (NASDAQ: CGEN), a leading predictive drug discovery
company, today reported financial results for the first quarter
ended March 31, 2016.
Anat Cohen-Dayag, Ph.D.,
Compugen's President and Chief Executive Officer, stated, "The
novel nature of our early-stage immuno-oncology Pipeline Program
and the data we are obtaining provide the potential for multiple
transformational, first-in-class, antibody drugs for
immuno-oncology. In this respect, CGEN-15029, the lead internal
program in our immuno-oncology pipeline, is anticipated to reach
IND filing next year."
Dr. Cohen-Dayag continued, "In addition to programs, such as
CGEN-15029, based on immune checkpoint candidates expressed on T
cells, our immuno-oncology pipeline also includes novel target
candidates expressed on myeloid cells. Myeloid target candidates
have been identified by Compugen within the tumor microenvironment
of multiple types of cancers, and we are now in the process of
verifying their role in T cell inhibition and further assessing
potential mechanisms of action by which they may suppress immune
response. We are excited about our discoveries in this emerging
field of tumor biology, and believe that our novel myeloid target
candidates may provide new treatment options for patients whose
disease is refractory to existing immune checkpoint inhibitors or
other treatment modalities."
Dr. Cohen-Dayag added, "Our access to the knowledge and
expertise of highly distinguished leaders in the industry provides
us with support and guidance to navigate the challenging path of
translating novel drug targets to therapies. In this respect, we
were very pleased to announce today that Steven Holtzman, former Executive Vice President
of Corporate Development at Biogen, has joined Compugen as a
strategic business advisor. Steve brings a remarkable breadth of
experience on multiple business fronts in the biotech industry. We
look forward to working with Steve and benefiting from his guidance
and experience as we advance toward our goal of transforming our
novel immuno-oncology target candidates into the next wave of
cancer immunotherapies."
Revenues for the first quarter of 2016 were $0.1 million, compared with $0.5 million in the comparable period of 2015, in
both cases consisting primarily of the non-cash amortization of the
upfront payment from the August 2013
collaboration and license agreement with Bayer Pharma (the "Bayer
Agreement").
R&D expenses for the first quarter of 2016 were $6.8 million, compared with $4.8 million in the comparable period of 2015.
The increase primarily reflects a substantial increase in
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 first quarter of 2016 was $8.6 million, or $0.17 per diluted share, compared with a net loss
of $6.1 million, or $0.12 per diluted share, in the comparable period
of 2015.
As of March 31, 2016, cash, cash
related accounts and short-term bank deposits totaled $81.3 million, compared with $81.4 million at December
31, 2015. Such cash balances for March 31, 2016 reflect the receipt during the
quarter ending March 31, 2016 of
$7.8 million in connection with a
third milestone under the Bayer Agreement which had been achieved
and recognized as revenue in the fourth quarter of 2015. The
Company has no debt.
Conference Call and Webcast Information
Compugen will hold a conference call with an accompanying
webcast slide presentation to discuss its first quarter results
today, May 10, 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 conference call and the accompanying slide
presentation will also be available via live webcast through
Compugen's website, located at the following link.
A replay of the conference call and the accompanying slide
presentation will be available approximately two hours after the
completion of the live conference call. The replay and the
accompanying slide presentation can be accessed through Compugen's
website, located at the following link. To access the audio replay
only, please dial 1-888-326-9310 from the US or +972-3-925-5925
internationally. The replay will be available through May 12, 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 may not be
successful in generating adequate revenues or commercializing
aspects of our 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.
Company contact:
Tsipi Haitovsky
Global Media Liaison
Compugen Ltd.
Email: tsipih@cgen.com
Tel: +972-52-598-9892
COMPUGEN
LTD.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(U.S. dollars in
thousands, except for share and per-share amounts)
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Revenues
|
|
93
|
|
513
|
|
Cost of
revenues
|
|
81
|
|
382
|
|
Gross
profit
|
|
12
|
|
131
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Research and
development expenses, net
|
6,774
|
|
4,786
|
|
Marketing and
business development expenses
|
272
|
|
230
|
|
General and
administrative expenses
|
1,837
|
|
1,437
|
|
Total operating
expenses
|
8,883
|
|
6,453
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(8,871)
|
|
(6,322)
|
|
Financing and other
income, net
|
270
|
|
179
|
|
Net
loss
|
(8,601)
|
|
(6,143)
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per ordinary share
|
(0.17)
|
|
(0.12)
|
|
Weighted average
number of ordinary shares used in
computing basic and diluted net loss per share
|
50,626,455
|
|
50,344,630
|
|
COMPUGEN LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS DATA
|
(U.S. dollars, in
thousands)
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
Unaudited
|
|
Audited
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash, cash
equivalents, short-term bank deposits and restricted
cash
|
81,254
|
|
81,421
|
Investment in
marketable securities
|
289
|
|
426
|
Trade
receivable
|
|
-
|
|
7,800
|
Other accounts
receivable and prepaid expenses
|
1,180
|
|
1,352
|
Total current
assets
|
82,723
|
|
90,999
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
Non-current prepaid
expenses
|
94
|
|
101
|
Severance pay
fund
|
|
2,271
|
|
2,179
|
Property and
equipment, net
|
6,318
|
|
6,028
|
Total non-current
assets
|
8,683
|
|
8,308
|
|
|
|
|
|
|
Total
assets
|
|
91,406
|
|
99,307
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Other account
payables, accrued expenses and trade payables
|
5,556
|
|
6,542
|
Deferred
revenues
|
|
219
|
|
312
|
Total current
liabilities
|
5,775
|
|
6,854
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Accrued severance
pay
|
2,739
|
|
2,556
|
Total non-current
liabilities
|
2,739
|
|
2,556
|
|
|
|
|
|
|
Total
shareholders' equity
|
82,892
|
|
89,897
|
Total liabilities
and shareholders' equity
|
91,406
|
|
99,307
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/compugen-ltd-reports-first-quarter-2016-financial-results-300265807.html
SOURCE Compugen Ltd.