Press release
Compugen Reports Fourth Quarter and Full Year 2023 Results
Partnership with Gilead on preclinical immuno-oncology program further validates Compugen's computational discovery, research, and development
About this update from Compugen Ltd.
[{"type":"text","content":"Partnership with Gilead on preclinical immuno-oncology program further validates Compugen's computational discovery, research, and development capabilitiesCatalyst rich 2024 expected with multiple data readouts and updates planned from Compugen's diversified portfolioSolid balance sheet with extended cash runway expected to fund operations into 2027HOLON, Israel, March 5, 2024 /PRNewswire/ -- Compugen Ltd. (NASDAQ: CGEN) (TASE: CGEN) a clinical-stage cancer immunotherapy company and a pioneer in computational target discovery, today reported financial results for the fourth quarter and full year 2023 and provided a corporate update.\n\n\"Our accomplishments in 2023 position us well for an exciting future,\" said Anat Cohen-Dayag, Ph.D., President, and CEO of Compugen. \"We advance into an expected catalyst rich 2024, with a solid balance sheet, an expected extended cash runway into 2027 and validating partnerships. We believe we have the tools in place to accelerate value creation through advancement of our diversified pipeline portfolio along with our computational discovery platform which is the engine powering our competitive advantage.\"\nDr. Cohen-Dayag added, \"Compugen made significant progress in 2023, including a license agreement with Gilead Sciences for our preclinical potential first-in-class, antibody program against IL-18 binding protein, COM503. The deal, including an upfront payment of $60 million and an additional $30 million near term milestone payment, reflects on our computational discovery, research, and development capabilities. Compugen is expected to lead the Phase 1 development of COM503 and is on track for IND submission in the second half of 2024 with subsequent initiation of the Phase 1 study following IND clearance. In 2023 we also progressed our novel COM701 triple combination strategy with the initiation of two proof-of concept studies, in MSS CRC including patients with liver metastases, and in platinum resistant ovarian cancer and we expect to report data from these studies in the first half of 2024 and the fourth quarter of 2024, respectively. While these are particularly challenging indications to treat having historically failed to respond to immunotherapy, representing a high bar for success, we previously presented encouraging clinical data, supported by immune activation suggesting that the...