HOLON, Israel, Feb. 21, 2018 /PRNewswire/ -- Compugen Ltd.
(NASDAQ: CGEN), a leader in predictive discovery and development of
first-in-class therapeutics for cancer immunotherapy, today
reported financial results for the fourth quarter and full year
ended December 31, 2017.
"2017 was a significant year for Compugen, in which we made
important progress in advancing our therapeutic pipeline and
strengthening core competencies in target discovery and validation,
and therapeutic antibody development. Today there are four
preclinical stage programs in our pipeline, originating from our
discovery capabilities, as well as a portfolio of earlier stage
programs focused on myeloid targets, a newly-rising and promising
field in cancer immunotherapy. We also broadened our R&D
infrastructure with a research collaboration agreement with The
Mount Sinai Hospital, in addition to the collaboration we already
have with John Hopkins University School of Medicine," said
Anat Cohen-Dayag, Ph.D., President
and CEO of Compugen.
"We are finalizing our clinical protocol and IND application for
COM701, our first-in-class therapeutic antibody candidate targeting
PVRIG, and are on track to file the IND with the FDA, as planned,
towards the end of the first quarter of 2018. Our Phase 1 clinical
trial is expected to start later in 2018."
"Bayer is also continuing to advance the CGEN-15001T program, a
novel immune checkpoint inhibitor targeting ILDR2, through late
preclinical development for cancer immunotherapy, and plans to
present, for the first time, data supportive of the potential of
ILDR2 to serve as a promising target for cancer immunotherapy at an
upcoming scientific meeting. This further demonstrates the value
and success of Compugen's computational discovery capabilities and
its high-quality outputs."
"With two product-candidates against Compugen-discovered novel
targets in late stage preclinical development, we are well
positioned to continue executing our plan of developing
first-in-class therapeutics targeted at novel pathways with the
potential of generating new treatment solutions for patients
unresponsive and refractory to existing immunotherapies," concluded
Dr. Cohen-Dayag.
Paul Sekhri, Chairman of the
Board of Directors of Compugen, added, "This is an exciting time
for Compugen as we become a clinical stage company. Compugen's
uniqueness lies in its unparalleled computational discovery
capabilities, coupled with expert immuno-oncology and antibody
development groups and led by a strong management team, allowing
for the generation of first-in-class drug opportunities and
commercially valuable assets. With the recent advancements in our
pipeline, I believe Compugen holds significant clinical and
commercial value which will drive our future growth."
Recent highlights:
- Announced publication of two peer-reviewed papers in The
Journal of Immunology on the discovery and validation of the ILDR2
protein as a novel immune checkpoint and its use as an Fc fusion
protein for the treatment of autoimmune diseases.
- Presented new preclinical data on COM701 demonstrating
distinctive features of the PVRIG pathway and the potential of
COM701 for treating multiple solid tumors. The data presented also
support the Company's biomarker strategy and clinical development
program for COM701, as a monotherapy and in combination treatment
with COM902, Compugen's therapeutic antibody candidate targeting
TIGIT, and with PD-1 blockers.
Financial Results
R&D expenses for the fourth quarter and year ended
December 31, 2017 were $7.2 million and $28.6
million, respectively, compared with $6.3 million and $24.5
million for the comparable periods in 2016. The increase
continues to reflect the expanded preclinical development
activities involving our pipeline program candidates, mainly
related to COM701 as well as COM902.
Net loss for the fourth quarter of 2017 was $9.3 million, or $0.18 per diluted share, compared with a net loss
of $8.5 million, or $0.17 per diluted share, in the comparable
periods of 2016. Net loss for the year ended December 31, 2017 was $37.1 million, or $0.72 per diluted share, compared with a net loss
of $31.5 million, or $0.62 per diluted share, for the year ended
December 31, 2016.
As of December 31, 2017, cash,
cash related accounts, short-term and long-term bank deposits
totaled $30.4 million, compared with
$61.5 million at December 31, 2016. The Company has no debt.
Conference Call and Webcast Information
Compugen will hold a conference call to discuss its fourth
quarter and full year 2017 results today, February 21, 2018, at 10:00 a.m. ET. To access the live conference call
by telephone, please dial +1-888-668-9141 from the U.S., or
+972-3-918-0610 internationally. The conference call will also be
available via live webcast through Compugen's website, located at
the following link. Following the live audio webcast, a replay will
be available on the Company's website.
(Tables to follow)
About Compugen
Compugen is a therapeutic discovery and development company
utilizing its broadly applicable predictive discovery
infrastructure to identify novel drug targets and develop
first-in-class therapeutics in the field of cancer immunotherapy.
The Company's therapeutic pipeline consists of immuno-oncology
programs against novel drug targets it has discovered, including T
cell immune checkpoints and myeloid target programs. Compugen's
business model is to selectively enter into collaborations for its
novel targets and related drug product candidates at various stages
of research and development. The Company is headquartered in
Israel, with R&D facilities in
both Israel and South San Francisco, CA. Compugen's shares are
listed on NASDAQ and the Tel Aviv Stock Exchange under the ticker
symbol CGEN.
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," "potential," "plan," "goal," "estimate," "likely,"
"should," "confident," and "intends," and describe opinions about
possible 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,
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 or delay to progress to
clinical trials or, if they progress to or enter clinical trials,
failure to receive regulatory approval. These and other factors,
including the ability to finance the Company, 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 (SEC) as well as other documents that may be
subsequently filed by Compugen from time to time with the SEC. 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
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
-
|
|
53
|
|
-
|
|
712
|
Cost of
revenues
|
|
-
|
|
35
|
|
-
|
|
223
|
Gross
profit
|
|
-
|
|
18
|
|
-
|
|
489
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and
development expenses
|
7,170
|
|
6,308
|
|
28,583
|
|
24,549
|
Marketing and
business development
expenses
|
291
|
|
433
|
|
1,189
|
|
1,174
|
General and
administrative expenses
|
1,925
|
|
2,014
|
|
7,633
|
|
7,349
|
Total operating
expenses
|
9,386
|
|
8,755
|
|
37,405
|
|
33,072
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(9,386)
|
|
(8,737)
|
|
(37,405)
|
|
(32,583)
|
Financial and other
income, net
|
76
|
|
245
|
|
339
|
|
1,097
|
Loss before taxes
on income
|
(9,310)
|
|
(8,492)
|
|
(37,066)
|
|
(31,486)
|
Taxes on
income
|
|
-
|
|
-
|
|
-
|
|
20
|
Net
loss
|
(9,310)
|
|
(8,492)
|
|
(37,066)
|
|
(31,506)
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per ordinary share
|
(0.18)
|
|
(0.17)
|
|
(0.72)
|
|
(0.62)
|
Weighted average
number of ordinary shares used in computing basic and diluted net
loss per share
|
51,290,725
|
|
51,044,938
|
|
51,179,694
|
|
50,855,908
|
COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in
thousands)
|
|
|
|
December
31,
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Audited
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash, cash
equivalents, short-term bank deposits and restricted
cash
|
30,438
|
|
61,527
|
Other accounts
receivable and prepaid expenses
|
741
|
|
1,153
|
Total current
assets
|
31,179
|
|
62,680
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
Long-term prepaid
expenses
|
110
|
|
92
|
Severance pay
fund
|
|
2,810
|
|
2,402
|
Property and
equipment, net
|
4,647
|
|
5,965
|
Total non-current
assets
|
7,567
|
|
8,459
|
|
|
|
|
|
|
Total
assets
|
|
38,746
|
|
71,139
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Other accounts
payable, accrued expenses and trade payables
|
6,194
|
|
4,740
|
Total current
liabilities
|
6,194
|
|
4,740
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Accrued severance
pay
|
3,255
|
|
2,880
|
Total non-current
liabilities
|
3,255
|
|
2,880
|
|
|
|
|
|
|
Total
shareholders' equity
|
29,297
|
|
63,519
|
Total liabilities
and shareholders' equity
|
38,746
|
|
71,139
|
|
|
|
|
|
|
|
Company contact:
Elana Holzman
Director, Investor Relations and Corporate Communications
Compugen Ltd.
Email: elanah@cgen.com
Tel: +972(3)765-8124
Investor Relations contact:
Burns McClellan, Inc.
Jill Steier
Email: jsteier@burnsmc.com
Tel: +212-213-0006
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content:http://www.prnewswire.com/news-releases/compugen-reports-fourth-quarter-and-full-year-2017-results-300601855.html
SOURCE Compugen Ltd.