today reported financial results for the fourth quarter and year ended December 31, 2013 and disclosed key corporate objectives for 2014.
Anat Cohen-Dayag, PhD, President and CEO of Compugen, stated, “This past year was very important for Compugen with respect to demonstrating our competitive advantages in predictive drug discovery. During 2013, among other achievements, we began to license product candidates from our first focused discovery program for immune checkpoints, to advance additional immune checkpoint candidates in our Pipeline Program, and to harness the power of our predictive infrastructure to initiate a second focused discovery program of targets for antibody drug conjugate (ADC) cancer therapy, for which we announced initial target candidate discoveries before year-end. During the year, we also began to receive greater recognition within the industry for both our Pipeline Program candidates and discovery capabilities.”
Dr. Cohen-Dayag continued, “With a significantly increased R&D budget for 2014, we look forward to further achievements in our areas of focus, with a primary emphasis on immune checkpoint related product opportunities. This emphasis includes advancing multiple candidates towards additional future early stage collaborations and expanding our internal research and development activities for future human clinical trials in the field of cancer immunotherapy.”
With respect to calendar 2014, included in our corporate objectives are the following:
- achieve work plan goals and milestones for existing collaborations
- enter into one or more additional Pipeline Program collaborations
- aggressively advance in parallel additional target research and therapeutic antibody discovery programs for multiple immune checkpoints for cancer immunotherapy, including one or more to be taken towards future clinical trials in oncology by the company
- establish a biomarker discovery program for selected checkpoint candidates
- achieve experimental validation for our recently discovered ADC target candidates
- utilize the Company's predictive discovery infrastructure to further enhance the intellectual property position of selected product candidates
Revenues for the fourth quarter of 2013 and the year ended December 31, 2013 were $1.8 million and $3.5 million, respectively, compared with $134,000 and $242,000 for the comparable periods in 2012. Revenues reported for the most recent periods consisted primarily of the portions of the non-refundable $10 million upfront payment received under the August 2013 collaboration and license agreement with Bayer Pharma AG (“Bayer Agreement”), that were recognizable during such periods in accordance with U.S. GAAP revenue recognition accounting.