HOLON, Israel, Nov. 7, 2016
/PRNewswire/ -- Compugen Ltd. (NASDAQ: CGEN), a leading predictive drug discovery company, today reported its quarterly financial
results for the third quarter 2016 and nine months ending September 30, 2016.
As previously announced, the Company confirms that it has postponed its third quarter conference call to Wednesday, November 16, 2016 at 10:00 am ET, in order to include discussion
of new CGEN-15029 program data to be presented this Friday, November 11, 2016, at the
31st Annual Meeting of the Society for Immunotherapy of Cancer (SITC).
An abstract of Compugen's presentation, selected by SITC as a late breaking
presentation, will be available tomorrow, November 8th, beginning at 8:00 am ET, on the SITC conference
website. In addition, the Company plans to issue a press release on November 11, 2016 with
respect to the new data to be disclosed at the SITC conference that day.
Anat Cohen-Dayag, Ph.D., President and Chief Executive Officer of Compugen, stated, "We are
extremely pleased with our continuing progress in the pursuit of immuno-oncology programs addressing novel immune checkpoint
target candidates identified by us in silico. These efforts have resulted in an exceptional pipeline of multiple novel
targets, consisting of both T cell-based and more recently myeloid-based targets, potentially offering multiple first-in-class
therapeutics with various mechanisms-of-action."
Dr. Cohen-Dayag continued, "Although advancing such novel target programs to therapeutic development requires longer target
validation timelines than required for targets generally pursued by the industry, we believe that the medical and commercial
potential presented by these multiple first-in-class programs more than justifies this additional time and effort."
Revenues for the three and nine months ending September 30, 2016 were $0.1 million and $0.7 million respectively, compared with $0.2 million and $1.0 million for the comparable periods in 2015, primarily
reflecting changes in the non-cash amortization during each of these periods of the upfront payment related to the August 2013 collaboration and license agreement with Bayer.
R&D expenses for the three and nine months ending September 30, 2016 were $6.0 million and $18.2 million respectively, compared with $5.3 million and $15.4 million in the comparable periods in 2015. These increases
primarily reflect expanded activities involving our pipeline program candidates, including initiation of certain pre-clinical
activities and the hiring of additional professional employees and manufacturing and regulatory consultants to support these
activities.
Net loss for the third quarter of 2016 was $7.8 million, or $0.15
per diluted share, compared with a net loss of $6.7 million, or $0.13
per diluted share, for the comparable period in 2015. Net loss for the nine months ending September 30,
2016 was $23.0 million, or $0.45 per diluted share, compared
with a net loss of $19.7 million, or $0.39 per diluted share, for the
comparable period in 2015.
As of September 30, 2016, cash and cash related accounts totaled $68.0
million. The Company has no debt.
Conference Call and Webcast Information
Compugen will hold a conference call on Wednesday, November 16, 2016 at 10:00 a.m. ET to discuss the CGEN-15029 program data to be presented November
11th at the 31st Annual Meeting of the Society for Immunotherapy of Cancer. The conference call and an
accompanying slide presentation will be available via live webcast located at the following link. The conference call may
also be accessed by telephone by dialing 1-888-668-9141 from the US or +972-3-918-0609 internationally. A replay of the
conference call will be available approximately two hours after the completion of the conference call. To access the replay,
please dial 1-888-295-2634 from the US or +972-3-925-5921 internationally. The replay will be available through November 18, 2016.
The above information regarding next week's conference call and webcast is also available on the Events page of Compugen's website.
(Tables to follow)
About Compugen
Compugen is a leading therapeutic discovery company utilizing its broadly applicable predictive discovery
infrastructure to identify novel drug targets and develop first-in-class biologics. The primary focus of the Company's current
pipeline is on immune checkpoint target candidates discovered by the Company, potentially providing the basis for a next wave of
therapeutics for cancer immunotherapy. Compugen's business model is based on selectively entering into collaborations for its
novel target candidates and drug product candidates at various stages of research and development under revenue-sharing
agreements. The Company is headquartered in Israel, with R&D facilities in Israel and South San Francisco. At the US facilities, monoclonal antibody therapeutic candidates are
discovered and developed against the Company's novel target candidates. For additional information, please visit Compugen's
corporate website at http://www.cgen.com.
Forward-Looking Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by the use of terminology such as "will," "may," "expects,"
"anticipates," "believes," and "intends," and describe opinions about future events. These forward-looking statements involve
known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Compugen to be
materially different from any future results, performance or achievements expressed or implied by such forward-looking
statements. Among these risks: Compugen's business model is substantially dependent on entering into collaboration agreements
with third parties, and Compugen may not be successful in generating adequate revenues or commercializing aspects of its business
model. Moreover, the development and commercialization of therapeutic candidates involve many inherent risks, including failure
to progress to clinical trials or, if they progress to or enter clinical trials, failure to receive regulatory approval. These
and other factors are more fully discussed in the "Risk Factors" section of Compugen's most recent Annual Report on Form 20-F as
filed with the Securities and Exchange Commission as well as other documents that may be subsequently filed by Compugen from time
to time with the Securities and Exchange Commission. In addition, any forward-looking statements represent Compugen's views only
as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Compugen does
not assume any obligation to update any forward-looking statements unless required by law.
Company contact:
Tsipi Haitovsky
Global Media Liaison
Compugen Ltd.
Email: tsipih@cgen.com
Tel: +972-52-598-9892
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COMPUGEN LTD
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|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(U.S. dollars in thousands, except for share and per share
amounts)
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
70
|
|
229
|
|
659
|
|
964
|
|
Cost of revenues
|
|
21
|
|
201
|
|
188
|
|
597
|
|
Gross profit
|
|
49
|
|
28
|
|
471
|
|
367
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
Research and development expenses, net
|
6,004
|
|
5,334
|
|
18,241
|
|
15,444
|
|
Marketing and business development expenses
|
270
|
|
267
|
|
741
|
|
745
|
|
General and administrative expenses
|
1,742
|
|
1,341
|
|
5,335
|
|
4,369
|
|
Total operating expenses
|
8,016
|
|
6,942
|
|
24,317
|
|
20,558
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
(7,967)
|
|
(6,914)
|
|
(23,846)
|
|
(20,191)
|
|
Financing and other income, net
|
186
|
|
172
|
|
852
|
|
500
|
|
Loss before taxes on income
|
(7,781)
|
|
(6,742)
|
|
(22,994)
|
|
(19,691)
|
|
Taxes on income
|
|
-
|
|
-
|
|
20
|
|
-
|
|
Net loss
|
(7,781)
|
|
(6,742)
|
|
(23,014)
|
|
(19,691)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per ordinary share
|
(0.15)
|
|
(0.13)
|
|
(0.45)
|
|
(0.39)
|
|
Weighted average number of ordinary shares used in computing basic and
diluted net loss per share
|
50,927,819
|
|
50,469,567
|
|
50,792,439
|
|
50,406,864
|
|
COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS DATA
|
|
(U.S. dollars in thousands)
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2016
|
|
2015
|
|
|
|
Unaudited
|
|
Audited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash, cash equivalents, short-term bank deposits and restricted
cash
|
68,021
|
|
81,421
|
|
Investment in marketable securities
|
74
|
|
426
|
|
Trade receivable
|
|
-
|
|
7,800
|
|
Other accounts receivable and prepaid expenses
|
1,242
|
|
1,352
|
|
Total current assets
|
69,337
|
|
90,999
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
Non-current prepaid expenses
|
91
|
|
101
|
|
Severance pay fund
|
|
2,413
|
|
2,179
|
|
Property and equipment, net
|
6,066
|
|
6,028
|
|
Total non-current assets
|
8,570
|
|
8,308
|
|
|
|
|
|
|
|
Total assets
|
|
77,907
|
|
99,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Other accounts payable, accrued expenses and trade payables
|
4,600
|
|
6,542
|
|
Deferred revenues
|
|
53
|
|
312
|
|
Total current liabilities
|
4,653
|
|
6,854
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Accrued severance pay
|
2,902
|
|
2,556
|
|
Total non-current liabilities
|
2,902
|
|
2,556
|
|
|
|
|
|
|
|
Total shareholders' equity
|
70,352
|
|
89,897
|
|
Total liabilities and shareholders' equity
|
77,907
|
|
99,307
|
|
|
|
|
|
|
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/compugen-ltd-reports-3rd-quarter-2016-financial-results-300358235.html
SOURCE Compugen Ltd.