HOLON, Israel - Compugen Ltd . (NASDAQ:CGEN) (TASE:CGEN), a clinical-stage cancer immunotherapy company, today announced the appointment of David Silberman as its new Chief Financial Officer. Silberman, who will assume the role on August 15, 2024, will succeed Alberto Sessa, who is set to depart the company on the same date.
Silberman brings over a decade of experience in the healthcare and biotech finance sectors, most recently serving as CFO of Oramed Pharmaceuticals (NASDAQ:ORMP) Inc. His previous roles include positions at Teva Pharmaceutical Industries (NYSE:TEVA) Ltd. and in the advisory and audit departments of Grant Thornton Fahn Kanne Control Management and KPMG, respectively.
President and CEO of Compugen, Dr. Anat Cohen-Dayag, expressed confidence in Silberman's ability to contribute to the company's growth and success, citing his strategic thinking and commitment to results. Silberman himself expressed enthusiasm for joining the Compugen team during a period of anticipated growth, driven by proprietary assets and partnerships with big pharma.
Compugen, known for its computational target discovery platform, has developed proprietary product candidates including COM701 and COM902, aimed at treating solid tumors. The company also has a clinical-stage partnered program, rilvegostomig, in Phase 3 development by AstraZeneca (NASDAQ:AZN), and an early-stage immuno-oncology program, COM503, in IND enabling studies and licensed to Gilead (NASDAQ:GILD).
The news is based on a press release statement from Compugen Ltd.
InvestingPro Insights
As Compugen Ltd. (NASDAQ:CGEN) welcomes David Silberman as the new CFO, investors and stakeholders are closely monitoring the company's financial health and growth prospects. With a market capitalization of approximately $186.48 million, Compugen's financial metrics provide insights into its market position and future potential.
One of the standout figures is the company's impressive gross profit margin, which stood at 94.01% for the last twelve months as of Q4 2023. This indicates a strong ability to manage costs and convert sales into profit at a high rate. Despite challenges in the biotech sector, Compugen's high gross profit margins are a positive sign for the company's operational efficiency.
However, it's worth noting that Compugen is not currently profitable, with a negative P/E ratio of -9.76, reflecting the company's growth-focused investments and the high-risk, high-reward nature of the biotech industry. The company is also experiencing volatility in its stock price, with a significant price uptick of 238.79% over the last six months, showcasing investor optimism and the speculative nature of the industry.
InvestingPro Tips for Compugen highlight that the company holds more cash than debt on its balance sheet and has liquid assets that exceed short-term obligations, suggesting a degree of financial stability. However, analysts do not expect the company to be profitable this year, and the firm is quickly burning through cash, which is typical for clinical-stage companies investing heavily in research and development.
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