Compugen Ltd (CGEN)

[surf1944]

9:27AM Compugen announced that it is significantly increasing its Pipeline Program activities in the field of immuno-oncology (CGEN) 9.53 :

Co announced that it is significantly increasing its Pipeline Program activities in the field of immuno-oncology. The primary purpose of the increase is to allow research and preclinical activities for a larger number of checkpoint target and product candidates for cancer immunotherapy to move forward in parallel. Additional objectives include the establishment of a biomarker discovery program for certain of the Company's checkpoint product candidates and the acceleration of experimental validation efforts for the recently disclosed antibody drug conjugate target candidates for oncology.
The significant increase in immuno-oncology activities during 2014 will impact both the target research and validation activities performed in Israel and the therapeutic antibody development efforts against Compugen-discovered drug targets undertaken by the Company's U.S. R&D subsidiary. This includes the scheduled relocation of the U.S. subsidiary to larger facilities in the South San Francisco area in mid-year.
"These expanded activities are anticipated to result in more than a sixty percent increase in our annual R&D cash expenditures, from approximately $10 mln in 2013 to more than $16 mln budgeted for 2014. Having begun 2014 with more than $50 mln in available resources, we are confident that this increased R&D budget, providing for a substantially expanded program in oncology while maintaining approximately the same level of expenditures for the immunology arm of our Pipeline Program, is fully consistent with our financial status and outlook."