$CGEN -
Bad movement today,
unfortunately due to a "bad" annual finance report, personally I do think the management has taken a good decision with cost reduction for the next 2 years.
Consolidation of R&D activities in one location (Israel). Positions and operations eliminated will also reduce overlapping R&D and G&A activities in Israel and the United States;
A 35% workforce reduction (approximately 35 employees), the majority of which is in R&D;
Certain preclinical activities will be outsourced to third-party service providers;
IND filing for COM902 in 2019 will proceed as planned. Initiation of the Phase 1 trial for this program will be dependent on the drug combination trials pursued under the collaboration
with Bristol-Myers Squibb as well as available resources to support this trial;
Clinical development and business development activities will continue to operate in the United States; and
Compugen anticipates savings of up to $10 million on an annual basis. Cash expenditures for 2019 including one-time restructuring related costs, are expected to be in the range of $27 to
$29 million, with the full effect of the savings reflected in 2020.
unfortunately due to a "bad" annual finance report, personally I do think the management has taken a good decision with cost reduction for the next 2 years.
Consolidation of R&D activities in one location (Israel). Positions and operations eliminated will also reduce overlapping R&D and G&A activities in Israel and the United States;
A 35% workforce reduction (approximately 35 employees), the majority of which is in R&D;
Certain preclinical activities will be outsourced to third-party service providers;
IND filing for COM902 in 2019 will proceed as planned. Initiation of the Phase 1 trial for this program will be dependent on the drug combination trials pursued under the collaboration
with Bristol-Myers Squibb as well as available resources to support this trial;
Clinical development and business development activities will continue to operate in the United States; and
Compugen anticipates savings of up to $10 million on an annual basis. Cash expenditures for 2019 including one-time restructuring related costs, are expected to be in the range of $27 to
$29 million, with the full effect of the savings reflected in 2020.
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