Compugen (NASDAQ: CGEN) reported Q2 EPS of ($0.10), $0.04 better than the analyst estimate of ($0.14).

"We continued the strong execution of our clinical program throughout the second quarter of 2019," said Anat Cohen-Dayag, Ph.D., President and CEO of Compugen. "This includes the important milestone of first patient dosed in the combination arm of our Phase 1 study of COM701 and Opdivo®, which remains on-track to complete enrollment this year. Additionally, the COM701 monotherapy dose escalation arm is progressing, and we look forward to rapidly advancing to the monotherapy expansion cohort later this year accompanied by our targeted, biomarker driven approach. Finally, we are excited to advance our second internally developed asset, COM902, toward an IND filing later this year. These activities and the progress we are making highlight our ability and commitment to translate our computational discoveries into meaningful and exciting clinical cancer immunotherapy programs."

"After utilizing the ATM program together with the streamlined corporate structure implemented in March, we now have sufficient cash resources expected to fund operations through mid-2021. We will remain diligent in effectively using our capital to continue to execute on our pipeline programs and ensure our future growth," added Dr. Cohen-Dayag.

Recent Corporate Highlights

Dosed first patient in the combination arm of the Phase 1 study for COM701, combining escalating doses of COM701 with a fixed dose of Opdivo (nivolumab) in patients with advanced solid tumors. Combination arms of the study are conducted under the clinical collaboration agreement entered into with Bristol-Myers Squibb in October 2018.
Reported at a trial-in-progress poster presentation at the 2019 ASCO Annual Meeting in June that the sixth dose level patient cohort of COM701 monotherapy has been completed and that no dose-limiting toxicities were found. Clinical and laboratory assessment for safety and tolerability are ongoing for this and earlier dose level patient cohorts.
Awarded U.S. Patent No. 10,351,625 by the U.S. Patent and Trademark Office, which covers the method of use of COM701 in combination with any anti-PD-1 antibody.

For earnings history and earnings-related data on Compugen (CGEN) click here.