Compugen Ltd. (CGEN) announced on Wednesday that it has raised $20 million through a share sale. The Israel-based company sold approximately 4.1 million ordinary shares at an average price of $4.91 each in the open market during the period November 13, 2009 to December 29, 2009.

Compugen is engaged in drug and diagnostic product candidate discovery and their commercialization through early-stage licensing and co-development agreements. The company’s business is focused on developing and using predictive computer-based discovery platforms to discover therapeutic drug candidates and diagnostic biomarker candidates.

The company plans to spend the proceeds from the stock sale for general corporate purposes. Including the offering, Compugen now has total cash reserves of $23 million and plans to deploy a maximum of $8.5 million during 2010. The company also stated that it aims to achieve cash flow breakeven by year-end 2011 primarily through milestone payment receipts and revenue sharing collaboration agreements.

Compugen has announced a series of positive developments over the past few months. Earlier this week the company announced a new drug target for tumors, which could result in better treatment of cancer. Last week, the company signed a collaboration agreement with Pfizer Inc. (PFE) for evaluation of three potential drug candidates. In November, Compugen announced the discovery of a genetic biomarker for predisposition to Type 2 diabetes, the most common form of the disease, which could be beneficial for high-risk patients.

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