On May 9, 2017 Compugen Ltd. (NASDAQ: CGEN), a therapeutic discovery company, reported financial results for the first quarter ended March 31, 2017 (Filing, Q1, Compugen, 2017, MAY 9, 2017, View Source [SID1234518944]). Schedule your 30 min Free 1stOncology Demo! Anat Cohen-Dayag, Ph.D., CEO and President of Compugen, stated, "During this quarter we saw continuing scientific and therapeutic development advancements as well as business development progress in our four focus program areas:
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COM701, an antibody drug candidate against PVRIG, a novel immune checkpoint target, with the potential to serve for both mono- and combination cancer immunotherapy;
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COM902, an antibody drug candidate against TIGIT, with a strong biological rationale to work synergistically with COM701 and as a monotherapy treatment for cancer;
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Multiple novel myeloid target programs for immuno-oncology aiming to expand the patient population responsive to checkpoint inhibitors; and
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CGEN-15001, an Fc fusion protein candidate based on a novel immune checkpoint target for autoimmune diseases."
Dr. Cohen-Dayag continued, "Our on-going discussions with multiple potential partners indicate that these four program areas are aligned with key market needs and possess significant potential value. Furthermore, we believe each represents a unique and different value proposition for various potential partners and we further believe that at least one new industry partnership is achievable by the end of this year."
Financial Results
R&D expenses for the first quarter of 2017 were $6.7 million, compared with $6.8 million for the comparable period in 2016.
Net loss for the first quarter of 2017 was $8.7 million, or $0.17 per diluted share, compared with a net loss of $8.6 million, or $0.17 per diluted share, in the comparable period of 2016.
As of March 31, 2017, cash, cash related accounts, short-term bank deposits and restricted cash totaled $54.5 million, compared with $61.5 million at December 31, 2016. The Company has no debt.
Conference Call and Webcast Information
Compugen will hold a conference call to discuss its first quarter 2017 results today, May 9, 2017, at 10:00 a.m. ET. To access the live conference call by telephone, please dial 1-888-281-1167 from the US, or +972-3-918-0644 internationally. The call will also be available via live webcast through Compugen’s website, located at the following link. Following the live audio webcast, a replay will be available on the Company’s website through June 9, 2017.