Compugen Achieves Milestone Event With Bayer

Compugen Ltd. (NASDAQ: CGEN) announced on Monday it has achieved a first preclinical milestone for CGEN-15022 as part of a cancer immunotherapy agreement with Bayer.

The companies entered into a collaboration and license agreement in 2013 for the development of anitbody-based cancer immune therapeutics. As part of the agreement, Compugen received an upfront payment of $10 million and could receive over $500 million in milestone payments for both checkpoint programs.

The collaboration provides for the research, development and commercialization of antibody-based cancer therapeutics against 2 novel Compugen-discovered immune checkpoint regulators, CGEN-15001T and CGEN-15022.

Compugen further stated in a regulatory filing that it stands to receive a $400,000 payment from Bayer.

Shares of Compugen were trading higher by 1.60 percent at $6.97 early Monday afternoon.