Compugen will receive $1.2 million for the cancer immunotherapy milestone.
Compugen Ltd. (Nasdaq: CGEN; TASE: CGEN) has achieved the initial milestone in the cancer immunotherapy collaboration it entered last year with Bayer HealthCare. Compugen will receive a $1.2 million payment out of the $30 million potential milestone payments associated with joint preclinical research for the two programs.
The collaboration provides for the development and commercialization of therapeutic antibodies against two checkpoint protein candidates discovered by Compugen. The current milestone relates to the first preclinical milestone for one of two checkpoint protein candidates.
Compugen President and CEO Dr. Anat Cohen Dayag said, “After investing more than a decade of extensive multidisciplinary research in establishing our broadly applicable predictive discovery infrastructure, we selected the area of checkpoint-based cancer immunotherapy as our first focused discovery effort. Therefore, it is extremely satisfying to see our growing competitive position, in terms of both advancement of our therapeutic programs in immuno-oncology and continuing discoveries of novel targets in this exciting area, which is increasingly being viewed as a potential major breakthrough in cancer treatment.”
Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2014
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