Compugen Ltd. (NASDAQ:CGEN) Q3 2018 Earnings Conference Call Transcript

Nov 07, 2018 • 08:30 am ET


Compugen Ltd. (NASDAQ:CGEN) Q3 2018 Earnings Conference Call Transcript


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Thank you for standing by. Welcome to Compugen's Third Quarter 2018 Results Conference Call. At this time, all participants are in a listen-only mode. An audio webcast of this call is available in the Investors section of Compugen's website, As a reminder, today's call is being recorded.

I would now like to introduce Elana Holzman, Compugen's Director of IR and Corporate Communications. Please go ahead.

Elana Holzman

Thank you, operator. Thank you for joining us today. With me from Compugen are Dr. Anat Cohen-Dayag, President and CEO; Dr. Henry Adewoye, CMO; and Ari Krashin, CFO and COO.

(Forward-Looking Cautionary Statements)

I will now turn the call over to Anat.

Anat Cohen-Dayag

Thank you, Elana. Good morning, and good afternoon, everyone. I would like to welcome you to our third quarter 2018 corporate and financial updates. As Elana mentioned, with me today are Dr. Henry Adewoye, our Chief Medical Officer, who will discuss certain aspects of our COM701 Phase I study; and Ari Krashin, our CFO and COO, who will provide a financial update.

Thus far 2018 has been a highly productive year for Compugen, marked by strong execution. We transitioned to a clinical-stage company and achieved multiple key accomplishments. In September, we dosed the first patient in our Phase I study for COM701, a new drug candidate targeting PVRIG. Soon after, we announced a clinical trial collaboration for COM701 with Bristol-Myers Squibb, which also became a strategic investor in Compugen.

The collaboration agreement provides for the supply of Opdivo, Bristol's PD-1 inhibitor, for the combination arms of our Phase I trial as well as establishes a framework for conducting other drug combination studies, including a potential trial sponsored by Bristol evaluating PVRIG and TIGIT blocker. This establishes the opportunity to accelerate the overall time line for clinical evaluation of our COM701 program.

The Bristol collaboration follows the license agreement with MedImmune signed earlier this year for bispecific and multispecific therapeutic antibodies, and our existing collaboration with Bayer on BAY 1905254. With Bayer initiating their Phase I study for BAY 1905254 targeting ILDR2 in late September, there are now two ongoing clinical trials evaluating first-in-class drug candidates, addressing novel target we discovered through a computer prediction.

This trial serves as a further evidence of the power and value of our computational discovery platform. With two programs that originated from computer prediction reaching the clinic and two additional programs with preclinical proof of concept, we're very proud of the capabilities and output of the computational discovery platform we have developed at Compugen.

This platform serves not only as an engine to generate new promising programs to our pipeline, but also supports and guides our therapeutic development as the programs advance in our pipeline. While the field of computational discovery is beginning to receive wider recognition, our pioneering efforts and proven capabilities serve as a distinct and highly valuable asset for our company.

The field of immuno-oncology is highly competitive in many respect. With many companies addressing the same drug targets, various drug modalities and numerous ongoing