Compugen Ltd. (NASDAQ: CGEN) today reported financial results for the fourth quarter and year ended December 31, 2012 and disclosed its primary objectives for 2013.
Dr. Anat Cohen-Dayag, president and CEO of Compugen, stated, “During the past three years, we have successfully established one of the most impressive discovery pipelines in the biopharma industry. This accomplishment has both validated our long-term research commitment to the creation of a unique predictive discovery infrastructure and provided the Company with broad opportunities for initial commercialization and ongoing growth. Accordingly, included in our objectives for 2013 are the following:
- Enter into collaboration arrangements covering the development and commercialization of two or more of the Company's Pipeline candidates.
- Choose one or more Pipeline candidates for further development through initial human clinical trials by the Company.
- Undertake process development towards GMP manufacture of one of our lead Fc fusion protein candidates.
- Advance in our Pipeline Program the next wave of “immune checkpoint” based product candidates from our initial focused discovery program and initiate our second focused discovery program.
- Conduct initial validation studies of monoclonal antibodies generated by our South San Francisco subsidiary against at least three Compugen oncology targets and have active programs for at least five monoclonal antibody programs by yearend.
- Develop a new platform to enhance predictive discovery of product candidates within the area of protein-protein interactions, a complex area of high industry interest."
Martin Gerstel, chairman of Compugen, added, “Our primary corporate objectives for 2013 clearly demonstrate that this past year represented an important inflection point for our Company. During 2012, the first wave of therapeutic product candidates in our Pipeline Program successfully reached the stage where we now have the ability to choose, on a product by product basis, which products should move forward under early stage commercialization and licensing arrangements, and which should continue to be developed through initial human clinical trials on our own. In this regard, the high level of interest being expressed by leading companies in the industry as we now pursue possible collaboration arrangements provides us with further confirmation and confidence with respect to the potential medical and commercial value of these product candidates and the power of our unique predictive discovery capabilities."