TEL AVIV, Israel--(BUSINESS WIRE)--July 26, 2006--Compugen Ltd. (NASDAQ: CGEN - News) today reported financial results for the second quarter ended June 30, 2006. Alex Kotzer, President and CEO, stated, "In line with our previously disclosed commercial roadmap, we have now initiated further biological validation for five potential therapeutic molecules in anticipation of seeking licensing and co-development partners for those that successfully complete this next stage. These five candidates were chosen as the most promising potential products based on the initial biological evaluation of approximately seventy novel proteins and peptides previously predicted by our therapeutic protein discovery engine. The chosen molecules, with demonstrated functional biological activities, are therapeutic candidates mainly for various forms of cancer and autoimmune diseases. We are also on target with our commercial roadmap with respect to our diagnostic activities, where together with our partners for immunoassay diagnostics, more than ten partner-selected Compugen discovered cancer and cardiovascular disease related biomarkers are being evaluated, and we have begun discussing possible collaborations for our initial nucleic acid biomarker discoveries. These accomplishments, along with some exciting progress in our research and discovery unit were the highlights of a successful second quarter."
