Biotech News: Investor Alert for Compugen Ltd.
via COMTEX
April 5, 2007
Apr 05, 2007 (M2 PRESSWIRE via COMTEX News Network) --
Proteins and genes are Compugen's favorite things. The company has been developing technologies to improve the discovery processes of genomics and proteomics. LEADS, its bioinformatics platform, helps accelerate the analysis of genomic and protein data. Now Compugen is incorporating its technology and various research methods to expedite its own drug discovery efforts. The company has a pipeline of early-stage therapeutic protein candidates discovered by the company. It also has licensed several others to customers and collaborators such as Abbott Labs, Pfizer, and Novartis.
Shares were down 6% expanding test pact with Biosite.
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Israeli drug developer Compugen Ltd. said Wednesday it signed a second agreement with medical test maker Biosite Inc. to develop and market products that help test for and diagnose diseases.
Financial terms were not disclosed.
San Diego-based Biosite will now have access to a greater number of potential diagnostic biomarkers as well as Compugen's inventory of immunoassay biomarkers. An immunoassay is a biochemical test that measures the level of a substance in blood or urine by looking at how an antibody reacts to a certain molecule.
Detecting biomarkers specific to a disease -- such as breast cancer -- can help doctors identify, diagnose and treat individuals suffering from illness as well as people who may be at risk but do not yet show symptoms.
The deal also covers new diagnostic areas, including cardiovascular and oncology.
As in the previous agreement, Compugen will receive milestone payments and royalties from the sale of any products developed from the partnership. Compugen also retains the exclusive right to drug applications of the targets and associated antibodies.
Compugen shares rose 14 cents, or 5.4 percent, to $2.74 in afternoon trading on the Nasdaq Stock Market, while Biosite shares edged up 7 cents to $53.89.
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