By Chris Wack
Compugen Ltd. shares rose 18% to $7.41 in premarket trading after the company said Bristol Myers Squibb completed its $20 million investment.
Bristol Myers' investment was in consideration for the issuance of 2.3 million Compugen shares purchased at $8.57333 a share, representing a 33% premium over the closing price Tuesday.
A joint steering committee has been formed to oversee strategic oversight and guidance for the programs run under the collaboration, which will run alongside the existing joint development committee, Compugen said.
"We value Bristol Myers Squibb's continued support of Compugen and in our evaluation of our DNAM axis hypothesis by testing COM701 in combination with nivolumab as a dual combination and in combination with nivolumab and BMS-986207 as a triple combination targeting PVRIG, PD-1 and TIGIT," Compugen Chief Executive Anat Cohen-Dayag said.
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(END) Dow Jones Newswires
November 11, 2021 08:14 ET (13:14 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.