Compugen rockets on news of licensing deal
Shares of Israel-based clinical-stage cancer immunotherapy company Compugen (Nasdaq: CGEN) leapt as much as a massive 184% to $2.07 on the news of a licensing deal.
US biotech major Gilead Sciences (Nasdaq: GILD) has entered and exclusively license for Compugen’s potential first-in-class, pre-clinical antibody program against interleukin (IL)-18 binding protein, including the COM503 drug candidate.
Compugen utilizes its broadly applicable predictive computational discovery capabilities to identify new drug targets and biological pathways for developing novel cancer immunotherapies. COM503 is a potential first-in-class, high affinity antibody which blocks the interaction between IL-18 binding protein and IL-18, thereby releasing natural IL-18 in the tumor microenvironment and inhibiting cancer growth.
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