Thinly traded micro cap Compugen (NASDAQ:CGEN) is up 18% premarket on light volume on the heels of its announced collaboration with Bristol-Myers Squibb (NYSE:BMY) evaluating the combination of COM701, an anti-PVRIG antibody, and Opdivo (nivolumab) in patients with advanced solid tumors.
Compugen will sponsor the two-part Phase 1 study that will enroll patients with non-small cell lung, ovarian, breast and endometrial cancers.
BMY will make a $12M equity investment in CGEN via the purchase of ~2.4M shares of common stock at $4.95 per share. The transaction should close tomorrow, October 12.
CGEN will host a conference call this morning at 8:30 am ET to discuss the partnership.
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