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Compugen Ltd. Reports Fourth Quarter And Calendar 2010 Financial Results

Stocks in this article: CGEN

Compugen Ltd. ( NASDAQ: CGEN) today reported financial results for the fourth quarter and year-ending December 31, 2010.

Dr. Anat Cohen-Dayag, president and CEO, stated, “Compugen’s long-term commitment to pioneering predictive drug discovery continues to provide the basis for the development of unique and powerful discovery capabilities in areas of high industry interest and unmet medical needs. For example, during 2010 we announced the development of three additional discovery platforms: the Protein Family Members Discovery Platform, the Protein-Protein Interaction Blockers Discovery Platform, and the Intracellular Drug Delivery Discovery Platform. In addition, during the past few months, field extension modules were added to our previously disclosed monoclonal antibody (mAb) target discovery capability.”

Dr. Cohen-Dayag continued, “Antibody therapeutics comprise the fastest growing drug field and are now yielding improved therapeutics to treat many life-threatening and debilitating diseases. Although significant progress has been made in recent years, one of the key challenges in the mAb therapeutic field remains the identification and validation of novel targets that are overexpressed in a particular disease state or involved in the modulation of the disease. Such targets allow the development of antibody-based therapeutic molecules which can either specifically destroy these cells - while sparing normal and healthy tissues - or modulate the course of the disease.”

Dr. Cohen-Dayag continued, “With the recently added field extension modules, Compugen’s mAb target discovery capability has been expanded beyond the initial focus on various solid tumors such as lung, ovarian, breast, colorectal and hematological cancers, which had resulted in the discovery of a number of drug target candidates for antibody-based therapy, including the previously disclosed CGEN-928, a drug target candidate for treatment of multiple myeloma, and CGEN-671, a drug target candidate for treatment of epithelial cancers. The new capabilities are now enabling the discovery of drug targets involved in drug response, metastatic stage cancer, and additional cancers such as melanoma, renal, liver, and pancreatic. Utilizing these new modules, we have already added five additional product candidates to our Pipeline Program, bringing the current total to more than 30 candidate protein therapeutics, peptide therapeutics and targets for mAb therapy at various stages of validation. With respect to the overall Pipeline Program, we are extremely pleased by our progress to date and look forward to disclosing additional information regarding specific molecules during the coming months.”

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