HOLON, Israel, Nov. 7,
2016 /PRNewswire/ -- Compugen Ltd. (NASDAQ: CGEN), a leading
predictive drug discovery company, today reported its quarterly
financial results for the third quarter 2016 and nine months ending
September 30, 2016.
As previously announced, the Company confirms that it has
postponed its third quarter conference call to Wednesday, November 16, 2016 at 10:00 am ET, in order to include discussion of
new CGEN-15029 program data to be presented this Friday, November 11, 2016, at the
31st Annual Meeting of the Society for Immunotherapy of Cancer
(SITC).
An abstract of Compugen's presentation, selected by SITC as a
late breaking presentation, will be available tomorrow,
November 8th, beginning at
8:00 am ET, on the SITC conference
website. In addition, the Company plans to issue a press release on
November 11, 2016 with respect to the
new data to be disclosed at the SITC conference that day.
Anat Cohen-Dayag, Ph.D.,
President and Chief Executive Officer of Compugen, stated, "We are
extremely pleased with our continuing progress in the pursuit of
immuno-oncology programs addressing novel immune checkpoint target
candidates identified by us in silico. These efforts have
resulted in an exceptional pipeline of multiple novel targets,
consisting of both T cell-based and more recently myeloid-based
targets, potentially offering multiple first-in-class therapeutics
with various mechanisms-of-action."
Dr. Cohen-Dayag continued, "Although advancing such novel target
programs to therapeutic development requires longer target
validation timelines than required for targets generally pursued by
the industry, we believe that the medical and commercial potential
presented by these multiple first-in-class programs more than
justifies this additional time and effort."
Revenues for the three and nine months ending September 30, 2016 were $0.1 million and $0.7
million respectively, compared with $0.2 million and $1.0
million for the comparable periods in 2015, primarily
reflecting changes in the non-cash amortization during each of
these periods of the upfront payment related to the August 2013 collaboration and license agreement
with Bayer.
R&D expenses for the three and nine months ending
September 30, 2016 were $6.0 million and $18.2
million respectively, compared with $5.3 million and $15.4
million in the comparable periods in 2015. These increases
primarily reflect expanded activities involving our pipeline
program candidates, including initiation of certain pre-clinical
activities and the hiring of additional professional employees and
manufacturing and regulatory consultants to support these
activities.
Net loss for the third quarter of 2016 was $7.8 million, or $0.15 per diluted share, compared with a net loss
of $6.7 million, or $0.13 per diluted share, for the comparable
period in 2015. Net loss for the nine months ending September 30, 2016 was $23.0 million, or $0.45 per diluted share, compared with a net loss
of $19.7 million, or $0.39 per diluted share, for the comparable
period in 2015.
As of September 30, 2016, cash and
cash related accounts totaled $68.0
million. The Company has no debt.
Conference Call and Webcast Information
Compugen will hold a conference call on Wednesday, November 16, 2016 at 10:00 a.m. ET to discuss the CGEN-15029
program data to be presented November
11th at the 31st Annual Meeting of the
Society for Immunotherapy of Cancer. The conference call and an
accompanying slide presentation will be available via
live webcast located at the
following link. The conference
call may also be accessed by telephone by dialing 1-888-668-9141
from the US or +972-3-918-0609 internationally. A replay of the
conference call will be available approximately two hours after the
completion of the conference call. To access the replay, please
dial 1-888-295-2634 from the US or +972-3-925-5921 internationally.
The replay will be available through November 18, 2016.
The above information regarding next week's conference call and
webcast is also available on the Events page of Compugen's
website.
(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 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 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
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
70
|
|
229
|
|
659
|
|
964
|
|
Cost of
revenues
|
|
21
|
|
201
|
|
188
|
|
597
|
|
Gross
profit
|
|
49
|
|
28
|
|
471
|
|
367
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Research and
development expenses, net
|
6,004
|
|
5,334
|
|
18,241
|
|
15,444
|
|
Marketing and
business development expenses
|
270
|
|
267
|
|
741
|
|
745
|
|
General and
administrative expenses
|
1,742
|
|
1,341
|
|
5,335
|
|
4,369
|
|
Total operating
expenses
|
8,016
|
|
6,942
|
|
24,317
|
|
20,558
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(7,967)
|
|
(6,914)
|
|
(23,846)
|
|
(20,191)
|
|
Financing and other
income, net
|
186
|
|
172
|
|
852
|
|
500
|
|
Loss before taxes
on income
|
(7,781)
|
|
(6,742)
|
|
(22,994)
|
|
(19,691)
|
|
Taxes on
income
|
|
-
|
|
-
|
|
20
|
|
-
|
|
Net
loss
|
(7,781)
|
|
(6,742)
|
|
(23,014)
|
|
(19,691)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per ordinary share
|
(0.15)
|
|
(0.13)
|
|
(0.45)
|
|
(0.39)
|
|
Weighted average
number of ordinary shares used in computing basic and diluted net
loss per share
|
50,927,819
|
|
50,469,567
|
|
50,792,439
|
|
50,406,864
|
|
COMPUGEN
LTD.
CONDENSED
CONSOLIDATED BALANCE SHEETS DATA
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
September 30,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
Unaudited
|
|
Audited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash, cash
equivalents, short-term bank deposits and restricted
cash
|
68,021
|
|
81,421
|
|
Investment in
marketable securities
|
74
|
|
426
|
|
Trade
receivable
|
|
-
|
|
7,800
|
|
Other accounts
receivable and prepaid expenses
|
1,242
|
|
1,352
|
|
Total current
assets
|
69,337
|
|
90,999
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Non-current prepaid
expenses
|
91
|
|
101
|
|
Severance pay
fund
|
|
2,413
|
|
2,179
|
|
Property and
equipment, net
|
6,066
|
|
6,028
|
|
Total non-current
assets
|
8,570
|
|
8,308
|
|
|
|
|
|
|
|
Total
assets
|
|
77,907
|
|
99,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Other accounts
payable, accrued expenses and trade payables
|
4,600
|
|
6,542
|
|
Deferred
revenues
|
|
53
|
|
312
|
|
Total current
liabilities
|
4,653
|
|
6,854
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Accrued severance
pay
|
2,902
|
|
2,556
|
|
Total non-current
liabilities
|
2,902
|
|
2,556
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
70,352
|
|
89,897
|
|
Total liabilities
and shareholders' equity
|
77,907
|
|
99,307
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/compugen-ltd-reports-3rd-quarter-2016-financial-results-300358235.html
SOURCE Compugen Ltd.