Shares of Compugen Ltd. (Nasdaq: CGEN; TASE: CGEN) rose sharply today on the Tel Aviv Stock Exchange after the company announced success in animal trials for a protein that inhibits multiple sclerosis. At its peak for the day, the share price was up 12.2%.
The company's announcement said, "Administration of CGEN-15001 in an animal model of multiple sclerosis (MS) has been shown to completely abolish spontaneous relapses. In addition, administration of this novel molecule prior to disease onset demonstrated a pronounced delay of disease onset and a significant decrease in disease symptoms.
"These results, together with complementary results from earlier studies, strongly support a significant potential therapeutic utility for CGEN-15001 in the treatment of multiple sclerosis and other autoimmune diseases, such as rheumatoid arthritis, systemic lupus erythematosus, inflammatory bowel disease, and type 1 diabetes."
Compugen is active in the discovery of drugs and diagnostic products.
Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010