BioCentury
ARTICLE | Financial News

Compugen subsidiary secures up to $15M

November 20, 2012 1:42 AM UTC

Compugen Ltd. (NASDAQ:CGEN) said its Keddem Bioscience Ltd. subsidiary secured up to $15 million from an undisclosed U.S. investor to develop and commercialize the subsidiary's discovery technology for small molecule modulators of protein targets. The investor will obtain a majority interest in the subsidiary, while Compugen will retain a minority interest and will have preferential rights to use Keddem's technology with Compugen drug targets. Compugen, which is not disclosing the initial amount that Keddem received, said the investment will ensure the continued operation of the subsidiary without using Compugen's existing resources. ...