Thirdly, in addition to our accomplishments in our areas of focus, we have in parallel identified opportunities to further develop and commercialize certain of our discoveries in diagnostic and/or therapeutic areas outside of these areas, whereby our shareholders would obtain the right to share in any future success from commercializing these discoveries but without the need to commit any further Compugen financial resources.
In recent months, we have announced a number of agreements including the announcement during the last quarter of the joint establishment with Merck Serono of a new biomarker company. And we expect to announce additional such arrangements in the future, thus significantly extending our strong base for future growth in shareholder value beyond our initial areas of focus.
As a discovery company, our underlying strategy is to maximize the returns to our shareholders from our multiple candidates through licensing and other arrangements with the industry and to do so at pre-selected key value enhancement point, relative of course to the cost of getting to these place [ph]. This business model offers exceptional potential shareholder value through the matching of our unique discovery capabilities with the enormous development capabilities existing in the biopharma industry but without any broadly applicable systematic source for attractive product candidates such as we have established.
The most recent decisions we have made in implementing the strategy and business model were; first, to provide further differentiation for our multiple product candidates, and second through license our monoclonal antibodies themselves rather than just the targets that we discover and validate. Anat in her remarks will provide additional information about our ongoing differentiation efforts. With respect to monoclonal antibodies, although the quality of the target is the most critical variable determining the value of any monoclonal antibody therapy, it is clear that under most circumstances we would achieve much greater value and leverage our discoveries more fully by licensing out the monoclonal antibody therapeutic candidates rather than the target.