HOLON, Israel,
Feb. 9, 2016 /PRNewswire/
-- Compugen Ltd. (NASDAQ: CGEN), a leading predictive drug
discovery company, today reported financial results for the fourth
quarter and year ended December 31,
2015.
Anat Cohen-Dayag, Ph.D.,
Compugen's President and Chief Executive Officer, stated, "This
past year was a year of significant accomplishment for our company
with respect to our unique discovery infrastructure and our target
pipeline program. Important to both was the demonstration of
functional activity in preclinical models of cancer immunotherapy
for an immune checkpoint antibody program for which the target had
been predicted entirely in silico by Compugen. In addition
to generating a compelling antibody drug program, this achievement
provides a key demonstration of the predictive power of Compugen's
discovery capabilities."
Dr. Cohen-Dayag continued, "Another key achievement was the
aggressive advancement of a second immune checkpoint program,
CGEN-15029, which is our leading internal immuno-oncology program.
For this program, initiated only last year, we already have
identified functional antibodies from which we will select our
therapeutic clinical candidate. Outside of our immuno-oncology core
focus, important progress was achieved during the year involving
our ADC activities, in particular with our lead ADC program,
CGEN-15027, and with our autoimmune product candidate,
CGEN-15001."
Dr. Cohen-Dayag concluded, "Looking ahead, with substantially
expanded capabilities and capacity, during 2016 our R&D focus
will be on the advancement of these programs, the addition of
immuno-oncology programs based on targets now undergoing
validation, and further target discovery efforts."
Revenues for the fourth quarter of 2015 were $8.3 million, compared with $6.6 million in the comparable period of 2014.
The increase in revenues is attributed to achievement of the third
milestone in the amount of $7.8
million in 2015, compared with $6.0
million in the comparable period of 2014, relating to the
August 2013 collaboration and license
agreement with Bayer Healthcare (the "Bayer agreement").
Revenues for the year ended December
31, 2015 were $9.3 million,
compared with $12.4 million in the
comparable period of 2014. The decrease in revenues is attributable
to the relevant portions of the non-refundable upfront payment
relating to the Bayer agreement.
R&D expenses for the fourth quarter and year ended
December 31, 2015 were $5.8 million and $21.2
million, respectively, compared with $4.8 million and $15.1
million in the comparable periods in 2014. The increase in
both cases primarily reflects a substantial increase in the
activities involving our pipeline program candidates, including the
hiring of additional professional employees and advisors to support
pre-clinical activities as well as the full impact of the move to
new facilities in South San Francisco which occurred in
mid-2014.
Net loss for the fourth quarter of 2015 was $0.5 million, or $0.01 per diluted share, compared with a net loss
of $1.5 million, or $0.03 per diluted share, in the comparable period
of 2014. Net loss for the year ended December 31, 2015 was $20.2 million, or $0.40 per diluted share, compared with a net loss
of $11.1 million, or $0.26 per diluted share, in the same period of
2014.
As of December 31, 2015, cash,
cash related accounts, short-term and long-term bank deposits
totaled $81.4 million, compared with
$108.4 million at December 31, 2014. Cash balances for December 31, 2015 do not include the expected
payment from Bayer HealthCare in connection with the third
milestone of $7.8 million, which will
be remitted during the first quarter of 2016. The Company has
no debt.
Conference Call and Webcast Information
Compugen will hold a conference call to discuss its fourth quarter
and yearend 2015 results today, February 9,
2016, 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 through Compugen's website, 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 +972-3-925-6925 internationally. The
replay will be available through February
11, 2016.
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 Holon, Israel,
with R&D facilities in Holon 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 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.
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
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
8,313
|
|
6,552
|
|
9,277
|
|
12,367
|
Cost of
revenues
|
|
1,036
|
|
987
|
|
1,633
|
|
3,344
|
Gross
profit
|
|
7,277
|
|
5,565
|
|
7,644
|
|
9,023
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and
development expenses, net
|
5,801
|
|
4,848
|
|
21,245
|
|
15,074
|
Marketing and
business development expenses
|
564
|
|
400
|
|
1,309
|
|
838
|
General and
administrative expenses
|
1,639
|
|
1,432
|
|
6,008
|
|
5,448
|
Total operating
expenses
|
8,004
|
|
6,680
|
|
28,562
|
|
21,360
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(727)
|
|
(1,115)
|
|
(20,918)
|
|
(12,337)
|
Financing and other
income (loss), net
|
645
|
|
(67)
|
|
1,145
|
|
1,603
|
Net loss before
taxes
|
(82)
|
|
(1,182)
|
|
(19,773)
|
|
(10,734)
|
Taxes on
Income
|
|
390
|
|
300
|
|
390
|
|
360
|
Net
loss
|
(472)
|
|
(1,482)
|
|
(20,163)
|
|
(11,094)
|
|
|
|
|
|
|
|
|
|
|
Basic net loss per
ordinary share
|
(0.01)
|
|
(0.03)
|
|
(0.40)
|
|
(0.23)
|
Weighted average
number of ordinary shares used in computing basic net loss per
share
|
50,526,584
|
|
50,144,787
|
|
50,437,040
|
|
47,808,855
|
Diluted net loss per
ordinary share
|
(0.01)
|
|
(0.03)
|
|
(0.40)
|
|
(0.26)
|
Weighted average
number of ordinary shares used in computing diluted net loss per
share
|
50,526,584
|
|
50,144,787
|
|
50,437,040
|
|
48,387,063
|
COMPUGEN LTD. CONDENSED CONSOLIDATED BALANCE SHEETS
DATA (U.S. dollars, in
thousands)
|
|
|
|
|
|
December
31,
|
|
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash, cash
equivalents, short-term bank deposits and restricted
cash
|
81,421
|
|
73,328
|
Investment in
Evogene
|
426
|
|
1,054
|
Trade
receivable
|
|
7,800
|
|
-
|
Other accounts
receivable and prepaid expenses
|
1,352
|
|
716
|
Total current
assets
|
90,999
|
|
75,098
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
Long-term bank
deposits
|
-
|
|
35,026
|
Non-current prepaid
expenses
|
101
|
|
108
|
Severance pay
fund
|
|
2,179
|
|
2,024
|
Property and
equipment, net
|
6,028
|
|
2,730
|
Total non-current
assets
|
8,308
|
|
39,888
|
|
|
|
|
|
|
Total
assets
|
|
99,307
|
|
114,986
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Other account
payables, accrued expenses and trade payables
|
6,542
|
|
4,379
|
Deferred
revenues
|
|
312
|
|
1,789
|
Research and
development funding arrangement
|
-
|
|
421
|
Total current
liabilities
|
6,854
|
|
6,589
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Accrued severance
pay
|
2,556
|
|
2,281
|
Total non-current
liabilities
|
2,556
|
|
2,281
|
|
|
|
|
|
|
Total
shareholders' equity
|
89,897
|
|
106,116
|
Total liabilities
and shareholders' equity
|
99,307
|
|
114,986
|
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visit:http://www.prnewswire.com/news-releases/compugen-ltd-reports-fourth-quarter-and-calendar-2015-results-300217242.html
SOURCE Compugen Ltd.