Compugen Ltd. (NASDAQ: CGEN), a leading predictive drug
discovery company, today reported financial results for the third
quarter ending September 30, 2015.
Anat Cohen-Dayag, Ph.D., President and Chief Executive Officer
of Compugen, stated, “We are very pleased by the continuing
successful advancement of our early stage target pipeline with
programs addressing substantial therapeutic opportunities in
immuno-oncology, antibody drug conjugate therapy, and autoimmune
diseases, all based on novel targets discovered by us.”
Dr. Cohen-Dayag continued, “With respect to our multiple
internal immuno-oncology programs, we continue to advance
CGEN-15029 as the highest priority mAb program, and as such, have
allocated additional resources to this program to advance it to
clinical trials. This is a very exciting time for the Company, as
we advance our first internal immuno-oncology program toward
IND-enabling activities. With respect to programs addressing
antibody drug conjugate therapy, we have established a diversified
portfolio of target candidates for this promising mode of cancer
therapy, and recently disclosed data suggesting broad
first-in-class clinical opportunities for CGEN-15027 antibodies in
the treatment of multiple solid tumor types.”
Dr. Cohen-Dayag added, “With respect to our collaboration with
Bayer HealthCare based on CGEN-15001T and CGEN-15022, both Bayer
and Compugen are excited by the potential of the two programs as
additional understandings of the target biology are gained and the
programs progress toward potential novel therapeutics for cancer
immunotherapy.”
Revenues for the third quarter of 2015 and for the nine months
ending September 30, 2015 were $0.2 million and $1.0 million
respectively, compared with $1.7 million and $5.8 million for the
comparable periods in 2014. The decrease in revenues is
attributable mainly to recognition of the non-refundable upfront
payment under the August 2013 collaboration and license agreement
with Bayer and a milestone payment in the amount of $1.2 million
received in the second quarter of 2014 from Bayer.
Net loss for the third quarter of 2015 was $6.7 million, or
$0.13 per basic and diluted share, compared with a net loss of $5.4
million, or $0.11 per basic and diluted share, for the comparable
period in 2014. Net loss for the nine months ending September 30,
2015 was $19.7 million, or $0.39 per basic and diluted share,
compared with a net loss of $9.6 million, or $0.20 per basic and
diluted share, for the comparable period in 2014. The significant
increase in net loss for the comparable periods largely relates to
a decrease in revenues as noted above, and an increase in the
Company’s R&D and business development activities relating to
its Pipeline Program candidates.
As of September 30, 2015, cash, cash related accounts,
short-term and long-term bank deposits totaled $89.3 million with
no debt, compared with $108.4 million as of December 31, 2014.
Conference Call and Webcast Information
Compugen will hold a conference call to discuss its third
quarter 2015 results today, November 3, 2015 at 10:00 a.m. ET. To
access the conference call, please dial 1-888-668-9141 from the US
or +972-3-918-0609 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 1-888-782-4291 from the US or +972-3-925-5925
internationally. The replay will be available through November 5,
2015.
(Tables to follow)
About Compugen
Compugen is a leading drug discovery company utilizing its
broadly applicable predictive discovery infrastructure to identify
novel drug targets and develop first-in-class biologics. The
Company’s current pipeline primary focus 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 targets and drug product candidates at
various stages of research and development under revenue-sharing
agreements. The Company is headquartered in Tel Aviv, Israel, with
R&D facilities in Tel Aviv 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 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 revenues, 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
Nine Months Ended September 30, September 30,
2015 2014 2015
2014 Unaudited Unaudited Unaudited
Unaudited Revenues 229 1,718 964 5,815 Cost of
revenues 201 741 597 2,357
Gross
profit 28 977 367
3,458 Operating expenses Research and
development expenses, net 5,334 3,910 15,444 10,226 Marketing and
business development expenses 267 156 745 438 General and
administrative expenses 1,341 1,504 4,369
4,016
Total operating expenses 6,942
5,570 20,558 14,680
Operating loss (6,914 ) (4,593
) (20,191 ) (11,222 ) Financial
income (loss), net 172 (802 ) 500 1,670
Net
loss before taxes (6,742 ) (5,395 )
(19,691 ) (9,552 ) Taxes on income -
- - (60 )
Net loss
(6,742
)
(5,395
)
(19,691
)
(9,612
)
Basic and diluted net loss per ordinary
share
(0.13
)
(0.11
)
(0.39
)
(0.20
)
Weighted average number of ordinary shares
used in computing basic and diluted net loss per share
50,469,567
49,089,165
50,406,864
47,021,655
COMPUGEN LTD. CONDENSED CONSOLIDATED
BALANCE SHEETS DATA
(U.S. dollars, in thousands)
September 30,
December 31, 2015 2014
(Unaudited) (Audited) ASSETS Current
assets Cash, cash equivalents, short-term bank deposits and
restricted cash 74,271 73,328 Investment in Evogene 933 1,054 Other
accounts receivable and prepaid expenses 1,892 716
Total current
assets 77,096 75,098 Non-current
assets Long-term bank deposits 15,008 35,026 Non-current
prepaid expenses 106 108 Severance pay fund 2,128 2,024 Property
and equipment, net 2,738 2,730
Total non-current assets
19,980 39,888 Total assets 97,076
114,986 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities Other account payables, accrued
expenses and trade payables 4,214 4,379 Deferred revenues 824 1,789
Research and development funding arrangement 105 421
Total
current liabilities 5,143 6,589
Non-current liabilities Accrued severance pay 2,524 2,281
Total non-current liabilities 2,524 2,281
Total shareholders' equity 89,409
106,116 Total liabilities and shareholders'
equity 97,076 114,986
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151103005910/en/
Compugen Ltd.Tsipi Haitovsky, +972-52-598-9892Global Media
Liaisontsipih@cgen.com
Compugen (NASDAQ:CGEN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Compugen (NASDAQ:CGEN)
Historical Stock Chart
From Sep 2023 to Sep 2024