11:19 AM EDT, 07/29/2024 (MT Newswires) -- Compugen ( CGEN ) said Monday that the US Food and Drug Administration approved the company's investigational new drug application to start a phase 1 trial for COM503 as a potential treatment for patients with solid tumors.

The trial will evaluate COM503 as a monotherapy and in combination with Gilead Sciences' ( GILD ) zimberelimab in advanced solid tumors in Q4, Compugen ( CGEN ) said.

Compugen ( CGEN ) said it is now eligible to receive a $30 million milestone payment from Gilead for getting clearance from the FDA as part of their 2023 license agreement involving COM503.

Shares of Compugen ( CGEN ) were down 2.3% in recent trading.

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