NEW YORK, Oct. 25 (GenomeWeb News) - Shares in Compugen were up nearly 10 percent in mid-afternoon trading today as investors welcomed the company's recently announced R&D collaboration with Evogene.
Shares in the company reached a high of $4.47 earlier in the day before settling at $4.15, 9.8 percent above their close last Friday.
Terms of the agreement call for Evogene to use its Plant Made Pharmaceutical platform to evaluate the production of three of Compugen's therapeutic protein candidates. The deal also enables Evogene to validate its platform.
Currently, mammalian cell culture is the dominant method for the manufacture of biological products. But this method is complex and expensive. The use of modified plants for human protein production is gaining traction among some drug makers.
Evogene's PMP technology harvests and extracts the target protein and its subsequent purification. The platform relies on the existing machinery of a specific plant tissue that produces a high concentration of a native protein, and the plant tissue allows easy harvesting and extraction of the protein.
Financial terms of the deal were not disclosed.