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Compugen Ltd. Reports Third Quarter 2012 Financial Results

Stocks in this article: CGEN

Compugen Ltd. ( NASDAQ: CGEN) today reported financial results for the third quarter ending September 30, 2012.

Anat Cohen-Dayag, Ph.D., President and CEO of Compugen, stated, “Less than three years ago, Compugen selected Fc fusion and monoclonal antibody therapeutics for oncology and immunology as our first areas of focus. Today, we have an internally discovered Pipeline Program consisting of multiple candidates for targeted medicines in key areas of significant unmet medical need and high industry interest. This unprecedented achievement, in terms of both quantity and quality, demonstrates the power of the unique predictive discovery infrastructure that has been established at Compugen.”

Dr. Cohen-Dayag continued, “In addition, during this time period, we have successfully integrated in-house development expertise and capabilities for both arms of our Pipeline Program, while maintaining and enhancing our computational discovery leadership. At our South San Francisco subsidiary, which was established earlier this year, we have quickly and efficiently formed a team of scientists with extensive industry experience in the fields of therapeutic human mAb generation and preclinical development. To date, this team has initiated mAb programs for three drug targets, with several binding antibodies already identified for two of these targets.”

Dr. Cohen-Dayag concluded, “A further, and critically important, confirmation of the commercial potential that has been created at Compugen is the clear positive feedback we are now receiving from major pharmaceutical companies in North America, Europe and Asia, in terms of their recognition of our unique discovery capabilities and interest in possible alliances with respect to our leading product candidates.”

As previously stated with respect to Compugen’s financial results, revenues in the short-term will likely result primarily from agreement related payments, and therefore quarterly results may fluctuate substantially due to the timing of receipt of any such revenues. Revenues for both the third quarter of 2012 and the nine months ending September 30, 2012 were $108,000 compared with no revenues for the comparable periods in 2011, reflecting amounts received for certain activities in support of our joint venture with Merck-Serono.

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