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November 19, 2012
08:15 EDTCGENCompugen announces $15M funding agreement for Korean subsidiary
Compugen announced the signing of an agreement with a private U.S.-based investment company pursuant to which up to $15M in milestone related equity financing will be made available to Keddem Bioscience Ltd., currently a wholly owned subsidiary of Compugen. This financing will be used to further develop and commercialize a unique technology platform that has been designed to consistently enable the discovery of small molecule modulators for potentially any given protein target. Under the agreement, the new investor will obtain a majority equity interest in Keddem, with Compugen maintaining a minority interest and certain future preferential access rights to utilize the Keddem technology with Compugen discovered drug targets.
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