Press release
Compugen Reports Second Quarter 2024 Results
FDA clearance of COM503 IND in July 2024 triggered a $30 million milestone payment from Gilead On track to present data from COM701 + COM902 + pembrolizumab,
About this update from Compugen Ltd.
[{"type":"text","content":"FDA clearance of COM503 IND in July 2024 triggered a $30 million milestone payment from Gilead On track to present data from COM701 + COM902 + pembrolizumab, platinum resistant ovarian cancer study in Q4 2024Partner, AstraZeneca, advanced development of rilvegostomig, and provided a non-risk adjusted peak year revenue target of over $5 billion, reflecting the potential of the asset. Compugen is eligible for future milestones and mid-single-digit tiered royalty payments, presenting a significant potential revenue source for the CompanySolid balance sheet with cash runway expected to fund operations into 2027HOLON, Israel, Aug. 6, 2024 /PRNewswire/ -- Compugen Ltd. (Nasdaq: CGEN) (TASE: CGEN) a clinical-stage cancer immunotherapy company and a pioneer in computational target discovery, today announced financial results for the second quarter ended June 30, 2024, and provided a corporate update.\n\n\"Continuing our track record in delivering on our plans, we have executed well in the second quarter of 2024,\" said Anat Cohen-Dayag, Ph.D., President and Chief Executive Officer of Compugen. \"We achieved FDA IND clearance for COM503, a differentiated antibody approach to harness cytokine biology for cancer therapeutics, triggering a right to receive a $30 million milestone payment from our partner Gilead. We are on track to initiate a Phase 1 clinical trial for COM503, as monotherapy and in combination with the anti-PD1 zimberelimab in advanced solid tumors, in the fourth quarter of 2024.\"\nDr. Cohen-Dayag continued, \"We are also on track to present data from our COM701 + COM902 + pembrolizumab study in platinum resistant ovarian cancer in the fourth quarter of 2024. There is a significant unmet medical need for women with ovarian cancer who could benefit from potentially safe, efficacious and durable alternative treatment options. We previously demonstrated encouraging data in this patient population, including monotherapy activity, overall response rate of 20% and durable responses with some patients benefiting from treatment for over 16 months comparing favorably to standard of care. We believe showing data consistent with what we have previously reported in this indication, will once again confirm that COM701 combinations are active. We plan to share next steps for COM701 combinations at the time of data presentation in the fou...