Press release
Compugen Announces Collaboration Expansion with Bristol Myers Squibb alongside $20 Million Equity Investment
Investment is intended to enhance the strategic collaboration between Compugen and Bristol Myers Squibb and support the continued execution of the clinical
About this update from Compugen Ltd.
[{"type":"text","content":"Investment is intended to enhance the strategic collaboration between Compugen and Bristol Myers Squibb and support the continued execution of the clinical programs\n Ongoing clinical programs aimed at testing Compugen's DNAM axis hypothesis, targeting PVRIG, TIGIT and PD-1 include cohort expansion studies in selected tumor types of the dual combination of COM701 with nivolumab and the triple combination of COM701 with nivolumab and BMS investigational anti-TIGIT antibody BMS- 986207\n\n\nHOLON, Israel, Nov. 11, 2021 /PRNewswire/ -- Compugen Ltd. (Nasdaq: CGEN), a clinical-stage cancer immunotherapy company and a leader in predictive target discovery, announced today that Bristol Myers Squibb (NYSE: BMY) completed its $20 million investment in Compugen in consideration for the issuance of 2,332,815 shares of Compugen purchased at $8.57333 per share, representing a 33% premium over the closing price on November 9, 2021. \nAs part of the expansion of the collaboration, a joint steering committee has been formed to facilitate strategic oversight and guidance for the programs run under the collaboration. This will run alongside the existing joint development committee which acts at an operational level. \n\"Bristol Myers Squibb's strategic investment in Compugen strengthens our relationship and the goal of both companies to take forward our clinical studies conducted under our collaboration in bringing innovative therapies to cancer patients,\" said Anat Cohen-Dayag, Ph.D., President and CEO of Compugen. \"We value Bristol Myers Squibb's continued support of Compugen and in our evaluation of our DNAM axis hypothesis by testing COM701 in combination with nivolumab as a dual combination and in combination with nivolumab and BMS-986207 as a triple combination targeting PVRIG, PD-1 and TIGIT.\"\nAbout COM701 \nCOM701 is a humanized antibody that binds with high affinity to PVRIG, a novel immune checkpoint discovered computationally by Compugen, blocking the interaction with its ligand, PVRL2. In pre-clinical studies, blockade of PVRIG by COM701 has demonstrated potent, reproducible enhancement of T cell activation, consistent with the desired mechanism of action of activating T cells in the tumor microenvironment to generate anti-tumor immune responses. Compugen has identified PVRIG and TIGIT as key parallel and complementary inhibitory...