Compugen Reports Advancement Of AZD2936 Into Phase 2 By AstraZeneca; Triggers Milestone Payment

(RTTNews) - Compugen Ltd. (CGEN) said it expects to receive a milestone payment of $7.5 million from AstraZeneca, after AstraZeneca dosed the first patient in ARTEMIDE phase 2 study with AZD2936, a PD-1/TIGIT bispecific antibody derived from COM902, Compugen's clinical-stage anti-TIGIT antibody.

In 2018, Compugen and AstraZeneca entered into an agreement by which Compugen provided license to AstraZeneca to use Compugen's monospecific antibodies that bind to TIGIT, including COM902, for the development of bispecific and multi-specific antibody products. To date, Compugen has received a $10 million upfront payment, an additional $8 million in milestone payments and is entitled to an additional $7.5 million payment triggered by phase 2 initiation, out of up to an aggregate milestone amount of $200 million that the company is eligible to receive for the first product, as well as tiered royalties on future product sales.

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