Compugen Ltd. (Nasdaq: CGEN; TASE: CGEN) has found a treatment for multiple myeloma, a bone marrow cancer, and initially validated it. CGEN-928 is a membrane protein, which previously had no known function or potential clinical utility, demonstrated broad expression in human multiple myeloma tumor cells, including drug resistant and aggressive primary tumor cell lines. The protein was discovered by Compugen’s Monoclonal Antibody Targets Discovery Platform.
Compugen has filed patent applications for the use of CGEN-928 for treating myeloma and for additional therapeutic and diagnostic purposes.
Compugen president and CEO Dr. Anat Cohen-Dayag said that biopharmaceutical companies were showing growing interest in the company and exploring potential collaboration with it.
Compugen's share price rose 8.6% in premarket trading on Nasdaq today, after rising 3% yesterday to $4.41 giving a market cap of $145 million. The share price rose 6% by mid-afternoon on the TASE today, bucking the market, to NIS 18.10.
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2010
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