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BiolineRX, Compugen to jointly develop new drugs

13 Dec, 2011 10:00
שלח תגובה במיילGlobes' correspondent

Compugen will provide drug candidates, which BiolineRX will develop through Phase II clinical trials.

Drug developer BiolineRX Ltd. (Nasdaq: BLRX); TASE:BLRX) and drug discovery company Compugen Ltd. (Nasdaq: CGEN; TASE: CGEN) will jointly develop and commercialize drug candidates discovered by Compugen for the treatment of a range of diseases, including acute and chronic inflammatory diseases, cardiac diseases, retinopathy, and cancer.

Compugen will provide drug candidates, primarily peptides, which were identified using its predictive drug discovery platforms, and BioLineRx will develop these candidates through Phase II clinical trials, with the goal of ultimately licensing them to pharmaceutical companies for advanced clinical development and commercialization.

The two companies have launched the collaboration with three peptides discovered by Compugen: CGEN-855, CGEN-856, and CGEN-25017, all which have completed proof of concept animal studies. BiolineRX will develop CGEN-855 and CGEN-856 under the name of BL-7060 for the prevention and treatment of cardiovascular diseases by controlling inflammation and reducing hypertension. CGEN-855 will be developed under the name BL-8010 for the treatment of diseases characterized by excessive growth of new blood vessels, such as retinopathy and cancer.

BiolineRX CEO Dr. Kinneret Savitsky said, “We are extremely pleased to enter into this strategic partnership with Compugen for the development and commercialization of novel drug candidates. This mutually beneficial agreement is in keeping with our company strategy of seeking promising therapeutic candidates for our product pipeline and developing them through Phase II clinical trials. We feel that this collaboration is a natural and efficient synergy of the strengths and expertise of each of the two partners, and we are confident that this alliance will prove extremely beneficial to both companies."

Compugen president and CEO Dr. Anat Cohen-Dayag said, “The new partnership between Compugen and BioLineRx is based on combining certain novel peptides discovered through use of the computational predictive discovery approach and capabilities of Compugen, with the proven drug validation and development skills of BioLineRx. We are very pleased with the establishment of this additional pathway for the development and future licensing at the clinical stage of a number of promising Compugen peptide discoveries for unmet medical needs."

Compugen's share price rose 2.8% on Nasdaq yesterday to $4.45, giving a market cap of $152 million, and rose 1.4% at the opening on the TASE today to NIS 17. BiolineRX's share price was unchanged Nasdaq yesterday at $3.18, and unchanged at the opening on the TASE today at NIS 1.20, giving a market cap of NIS 148 million.

Published by Globes [online], Israel business news - www.globes-online.com - on December 13, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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