Compugen Statement Regarding Insider Trading Allegations
April 07 2014 - 9:03AM
Business Wire
Compugen Ltd. (NASDAQ: CGEN) issued the following statement
today.
In recent days newspapers in Israel have reported that the
Israel Securities Authority (“ISA”) is investigating Mr. Aryeh
Czaczkes Axselbrad, the husband of Ms. Dikla Czaczkes Axselbrad,
Compugen’s CFO, for allegedly providing friends and family members
last year with insider information regarding a then impending
collaboration agreement between Compugen and Bayer Pharma AG. The
newspapers have also reported that Aryeh Czaczkes Axselbrad was
released under restrictive conditions and that his attorney has
stated that he denied the accusations.
Mr. Martin Gerstel, Compugen’s Chairman of the Board of
Directors stated, “Although certain officers of the Company,
including Dikla, have been investigated by the ISA, to the
Company's knowledge, the Company itself is not a subject of this
investigation. Furthermore, to the Company's knowledge, currently
no restrictions have been imposed by the ISA on Dikla’s continuing
performance as CFO of Compugen.”
Mr. Gerstel continued, “Any incident of insider trading would be
a very serious violation of long standing Company policy and would
be treated as such. Since the investigation is still at an early
stage, no changes are being made at this time with respect to
Dikla's role at Compugen, however this decision will of course be
subject to review as additional information becomes available.”
About Compugen
Compugen is a leading drug discovery company focused on
therapeutic proteins and monoclonal antibodies to address important
unmet needs in the fields of immunology and oncology. The
Company utilizes a broad and continuously growing integrated
infrastructure of proprietary scientific understandings and
predictive platforms, algorithms, machine learning systems and
other computational biology capabilities for the in
silico (by computer) prediction and selection of product
candidates, which are then advanced in its Pipeline Program. The
Company's business model includes collaborations covering the
further development and commercialization of product candidates at
various stages from its Pipeline Program and various forms of
research and discovery agreements, in both cases providing Compugen
with potential milestone payments and royalties on product sales or
other forms of revenue sharing. Compugen’s wholly-owned U.S.
subsidiary located in South San Francisco is developing oncology
and immunology monoclonal antibody therapeutic candidates against
its drug targets. For additional information, please visit
Compugen's corporate website at http://www.cgen.com/.
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements, include words such as “may,” “expects,”
“anticipates,” “potential,” “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. Some of these risks and other factors are discussed in
the "Risk Factors" section of Compugen’s Annual Report on Form 20-F
for the year ended December 31, 2013 as filed 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.Tsipi HaitovskyGlobal Media
Liaison+972-52-598-9892tsipih@netvision.net.il
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