Compugen rises on expectations of $7.5 mln drug milestone payment

Compugen

16/11/2022 13:56

** U.S.-listed shares of Israel-based drug developer
Compugen Ltd  CGEN.O  up 3.9% premarket at nearly $1 
    ** Expects to receive a milestone payment of $7.5 mln from
AstraZeneca  AZN.L , after London-based cancer drugmaker dosed
the first patient in mid-stage study for solid tumors with co' s
clinical-stage cancer antibody
    ** In 2018, CGEN and AZN entered into an agreement, giving
AZN an exclusive license to use co' s cancer drug pipeline for
the development of antibody products to treat cancer
    ** CGEN has to date received a $10 million upfront payment
and an additional $8 million in milestone payments
    ** Up to Tuesday's close, stock had fallen ~80% YTD vs. ~10%
decline in Nasdaq Biotechnology index  .NBI 
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))