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Compugen Reports Third Quarter 2011 Financial Results

Stocks in this article: CGEN

Compugen Ltd. ( NASDAQ: CGEN) today reported financial results for the third quarter ending September 30, 2011.

Anat Cohen-Dayag, Ph.D., President and CEO, stated, "These are exciting times for Compugen, as we aggressively advance our Pipeline Program, consisting of more than 30 therapeutic candidates; enhance and expand our cutting edge science and predictive models; and engage in active discussions with an increasing number of potential licensees and collaborators. We are particularly pleased with the ongoing progress in the validation and early pre-clinical studies of Compugen-discovered B7/CD28-like proteins and certain other Pipeline Program candidates in the fields of oncology and immunology. We have also begun the validation of two additional discovery platforms based on new approaches and algorithms, which have already predicted several novel immunomodulatory proteins that are about to enter initial product candidate validation studies.”

Dr. Cohen-Dayag continued, “With respect to Compugen’s commercialization activities, in recent months, a significant portion of our business development efforts has involved potential arrangements for a number of promising Compugen therapeutic and diagnostic discoveries not in our main areas of focus. These past discoveries were made in large part during validation activities for our various discovery platforms, and our intent is to have them further developed without the use of additional Compugen resources, but with us sharing in any future revenues. We are now beginning to shift these business development efforts to certain Pipeline Program candidates as they move forward in preclinical related activities, and to discovery on demand type collaborations."

Dr. Cohen-Dayag concluded, “We look forward to sharing news of our achievements in these various areas over the coming months.”

As previously stated, since any revenues in the short-term will likely result primarily from research fees and initial milestones, quarterly results are, and will continue to be, subject to substantial fluctuations due to timing. No revenues were recorded for either the third quarter of 2011 or the third quarter of 2010. For the nine months ending September 30, 2011, no revenues were reported, compared with $925,000 for the same period in 2010.

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