Compugen Ltd., a biotechnology company in Tel Aviv, Israel, said today that it will receive $5 million in R&D funding from Baize Investments Ltd., a private Israeli corporation that invests in medical technologies. Compugen is a drug and diagnostic discovery company that bases its work on automated (in silico) analyses and models, including computational biologic tools.
Under the agreement, Baize Investments will receive a financial interest in five Compugen-discovered molecules and has been issued a warrant to purchase 500,000 Compugen shares at an exercise price of $6.00 per share, expiring June 30, 2013. That interest includes the right to receive from Compugen up to 10 percent of certain future payments received by Compugen from third parties in the event of successful licensing out for development or commercialization of those molecules.
All five molecules are now in active research in the Compugen’s pipeline program. That program focuses on oncology and immunology therapeutics, primarily in the form of protein, peptide, and monoclonal antibody drug candidates.
The company started the program earlier this year to expand the number of in silico predicted and selected therapeutic candidates undergoing in vitro and in vivo validation, and to significantly enhance the commercial value of Compugen’s product candidates. In October, compugen added some 20 new molecules to its pipeline, and expects to advance certain candidates by 12 to 18 months beyond the successful animal disease model proof-of-concept stage.
Photo: Michael Plumb/Flickr
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