Summary by Moomoo AI
On January 8, 2024, Compugen Ltd., a clinical-stage cancer immunotherapy company, announced two significant developments. Firstly, the company disclosed that it had regained compliance with the Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price requirement. This follows a previous notification on November 3, 2023, indicating that Compugen's shares had fallen below the $1.00 minimum bid price over 30 consecutive business days. The company successfully maintained a closing bid price of at least $1.00 for 10 consecutive business days from December 19, 2023, to January 3, 2024, which led to the restoration of compliance. Secondly, Compugen revealed that it is set to receive a $10 million milestone payment from AstraZeneca. This payment was triggered by the dosing of the first patient in AstraZeneca's Phase 3 trial of rilvegostomig for biliary tract cancer. Rilvegostomig is a PD-1/TIGIT bispecific antibody developed from Compugen's COM902 antibody, which is part of a licensing agreement with AstraZeneca for the development of bispecific and multispecific antibodies. Compugen specializes in computational target discovery for cancer immunotherapies and has a pipeline of proprietary and partnered therapeutic programs.