Corporate Banner
Satellite Banner
Scientific Community
Become a Member | Sign in
Home>News>This Article

Compugen Reports First Quarter 2013 Financial Results

Published: Monday, April 29, 2013
Last Updated: Sunday, April 28, 2013
Bookmark and Share
CEO to update Company status in quarterly conference call.

Compugen Ltd. has reported financial results for the first quarter ending March 31, 2013.

Anat Cohen-Dayag, Ph.D., President and CEO of Compugen, stated, “During this past quarter, Compugen made substantial progress in addressing its commercial, product development and scientific objectives for 2013. These previously disclosed objectives include entering into collaboration arrangements with respect to certain product candidates in our Pipeline Program, furthering the research and development of product candidates and initiating our second focused area of discovery.”

Dr. Cohen-Dayag added, “With respect to our monoclonal antibody (mAb) programs, the continuing successful integration of our U.S. mAb generation and development activities, initiated last year, with our target discovery capabilities now allows us to move forward in advancing our programs toward therapeutic product development. In addition, we believe that these continuing achievements will establish Compugen as a major player in the field of mAb therapeutics, the fastest growing drug class in pharmaceuticals. This progress also supports the initiation of our target discovery for antibody-drug conjugate therapy, which was recently disclosed as our second focused product candidate discovery activity.”

Revenues for the first quarter of 2013 were $162,000 compared with no revenues for the comparable period in 2012, reflecting amounts received for certain activities in support of Neviah Genomics, Compugen's joint venture with Merck Serono.

Net loss for the most recent quarter was $3.4 million (after reflecting non-cash stock based compensation expense of $675,000 and a non-cash financial loss of $139,000 related to the accounting for certain research and development funding arrangements), or $0.09 per share, compared with a net loss of $4.1 million (after reflecting non-cash stock based compensation expense of $543,000 and a non-cash financial loss of $1.2 million related to the accounting for certain research and development funding arrangements), or $0.12 per share, for the corresponding quarter of 2012.

The decrease in net loss for the most recent quarter resulted in large part from the lower non-cash financial loss related to the accounting for certain research and development funding arrangements in the most recent quarter compared with the same quarter of 2012, as further discussed below.

Research and development expenses, net, for the first quarter of 2013 increased to $2.7 million, compared with $2.1 million for the first quarter of 2012, and remained the Company’s largest expense.

This increase mostly reflects establishment and initiation of activities at the South San Francisco operation in the second quarter of 2012 as well as increasing levels of activity in support of the Company’s Pipeline Program.

As of March 31, 2013 and 2012, the “Research and development funding arrangements and others” liability amounted to $8.0 million and $7.7 million, respectively, resulting from the accounting for the Baize research and development funding arrangements signed in December 2011 and December 2010, which were recently combined into one agreement following the receipt by Compugen of the final $5.0 million investment amount pursuant to the second Baize agreement.

The liability balances as of March 31, 2013 and 2012 were primarily related to the estimated fair values of the embedded derivative instruments resulting from the right of the investor, under both arrangements, to waive its right to receive potential future payments in exchange for Compugen ordinary shares.

As of March 31, 2013, cash and cash related accounts totaled $24.6 million, compared with $19.6 million at December 31, 2012. Both the March 31, 2013 and December 31, 2012 balances do not include either the $5.0 million recently received pursuant to the December 2011 Baize research and development funding arrangement or the market value of Compugen’s holdings of Evogene shares at the end of each such period.

Compugen continues to have no long-term debt other than the book liability associated with the Baize research and development funding arrangement, which, as discussed above, does not represent future cash obligations.

Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,600+ scientific posters on ePosters
  • More than 3,800+ scientific videos on LabTube
  • 35 community eNewsletters

Sign In

Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Compugen Discloses New Results Supporting CGEN-15052
Data presented at the Inaugural International Cancer Immunotherapy Conference in New York City.
Thursday, September 17, 2015
Compugen Obtains Rights to Use Biological Systems and Materials
Additional capabilities anticipated to enhance research and development of Compugen’s immuno-oncology programs.
Wednesday, April 15, 2015
Compugen Announces Planned Relocation of Headquarters to Larger Facilities
New facilities double available space for corporate offices and research and discovery in Israel.
Wednesday, March 25, 2015
Compugen Expands and Strengthens Business Development Team
Felix Karim, PhD, joins Company as Vice President Corporate & Business Development.
Tuesday, March 10, 2015
Compugen Discloses Initial Experimental Results for Predicted ADC Targets
Pipeline program for oncology to be further expanded and diversified with addition of ADC therapeutic programs to ongoing immuno-oncology programs.
Tuesday, January 06, 2015
Compugen Announces Presentations of Results for CGEN-15001
Data indicating novel mechanism of action for CGEN-15001 in maintaining long-term therapeutic effect presented at International Conference on Immune Tolerance in Amsterdam.
Wednesday, October 01, 2014
Compugen Extends Discovery Capabilities to Additional Immunomodulatory Proteins
Incorporation of algorithms modeling additional biological phenomena leads to predictive discovery of four potential immunomodulatory targets.
Tuesday, July 15, 2014
Compugen Announces Addition of Prof. Drew Pardoll to its SAB
Prof. Pardoll is a world leader in immuno-oncology research and in the development of novel cancer therapeutics.
Wednesday, January 22, 2014
Compugen Discloses Discovery of Five Potential Cancer Targets for ADC Therapy
ADC target discovery is company’s second focused discovery program utilizing its in silico predictive discovery infrastructure.
Thursday, December 12, 2013
Compugen Drug Candidate Demonstrates High Effectiveness in Type I Diabetes Animal Model
Short-term administration of CGEN-15001 shown to provide long-term prevention of disease development.
Friday, October 11, 2013
Compugen Target for Cancer Immunotherapy Shown to Affect Multiple Immune Cell Types
CGEN-15049 immune checkpoint protein expressed on wide variety of cancers.
Thursday, September 26, 2013
Compugen Establishes SAB to Guide Pipeline Program Development
Key opinion leaders to advise Company on research and development involving therapeutic product candidates in the fields of immunology and oncology.
Tuesday, August 27, 2013
Compugen Announces Collaboration and License Agreement with Bayer
Compugen to hold 2nd Quarter Conference Call August 7, 2013.
Tuesday, August 06, 2013
Compugen Discloses Focused Target Discovery Program for ADC Cancer Therapy
Initial discoveries from new program anticipated before year-end.
Tuesday, April 09, 2013
Compugen Announces Discovery of Two Drug Target Candidates for mAb Cancer Therapy
Targets are expressed in multiple cancers and have a distinct mode of action inhibiting two key immune cell subsets.
Tuesday, March 05, 2013
Scientific News
Detecting HIV Diagnostic Antibodies with DNA Nanomachines
New research may revolutionize the slow, cumbersome and expensive process of detecting the antibodies that can help with the diagnosis of infectious and auto-immune diseases such as rheumatoid arthritis and HIV.
Snapshot Turns T Cell Immunology on its Head
New research may have implications for 1 diabetes sufferers.
Tolerant Immune System Increases Cancer Risk
Researchers have found that individuals with high immunoCRIT ratios may have an increased risk of developing certain cancers.
New Approach to Treating Heparin-induced Blood Disorder
A potential treatment for a serious clotting condition that can strike patients who receive heparin to treat or prevent blood clots may lie within reach by elucidating the structure of the protein complex at its root.
3 Ways Viruses Have Changed Science for the Better
Viruses are really good at what they do, and we’ve been able to harness their skills to learn about – and potentially improve – human health in several ways.
Mixed Up Cell Transportation Key Piece of ALS and Dementia Puzzle
Researchers from the University of Toronto are one step closer to solving this incredibly complex puzzle, offering hope for treatment.
Antibody Treatment Efficacious in Psoriasis
An experimental, biologic treatment, brodalumab, achieved 100 percent reduction in psoriasis symptoms in twice as many patients as a second, commonly used treatment, according to the results of a multicenter clinical trial led by Mount Sinai researchers.
Four Gut Bacteria Decrease Asthma Risk in Infants
New research by scientists at UBC and BC Children’s Hospital finds that infants can be protected from getting asthma if they acquire four types of gut bacteria by three months of age.
Escape Prevention
Studying flu virus structure brings us a step closer to a permanent vaccine.
New Molecular Marker for Killer Cells
Cell marker enables prognosis about the course of infections.

Skyscraper Banner
Go to LabTube
Go to eposters
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,600+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,800+ scientific videos