Press release
CytomX Therapeutics Announces Milestone Achievement in AbbVie CD71 Partnership and Provides Update on Impact of COVID-19 on Clinical Stage Pipeline
Achievement of Phase 1 Dose Escalation Criteria in AbbVie Partnership on CX-2029, a CD71-Directed Probody® Drug Conjugate, Triggers $40 Million Payment to
About this update from Cytomx Therapeutics, Inc.
[{"type":"text","content":"Achievement of Phase 1 Dose Escalation Criteria in AbbVie Partnership on CX-2029, a CD71-Directed Probody® Drug Conjugate, Triggers $40 Million Payment to CytomX\n Clinical Studies for CX-2009 and CX-072 impacted by Global COVID-19 Pandemic, Prompting Pipeline Reprioritization Conference Call Today, Monday March 30th at 6:00 p.m. ET/ 3:00 p.m. PT SOUTH SAN FRANCISCO, Calif., March 30, 2020 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody® therapeutic technology platform, today announced the achievement of a clinical milestone in conjunction with the CX-2029 program, triggering a $40 million payment from AbbVie to CytomX. The company also provided an update on its lead wholly owned clinical programs. “CytomX has made excellent progress during 2020, including the establishment of a major new strategic alliance with Astellas, the initiation of a randomized Phase 2 study by our partner, Bristol Myers Squibb, evaluating the anti-CTLA-4 Probody, BMS-986249, in front line melanoma, and today the achievement of a significant clinical and financial milestone within our AbbVie alliance. This progress underscores the increasing validation of our Probody platform and illustrates how our partnering strategy continues to contribute meaningfully to the advancement of our pipeline,” said Sean McCarthy, D.Phil., president, chief executive officer and chairman of CytomX Therapeutics. “From our position of strength, against the pressures that the COVID-19 pandemic backdrop is placing on the healthcare system and clinical trial enrollment across the biopharma sector, we are today announcing steps to reprioritize our clinical portfolio and optimize resource allocation with the goal of maximizing long-term value. These steps will afford an increased emphasis on our work on undruggable targets such as CD166 and CD71 and the continued advancement of additional potential first-in-class programs towards future IND filings.” Achievement of $40 Million Phase 1 Dose Escalation Milestone in CX-2029 AbbVie Partnership In April 2016, AbbVie and CytomX entered into a Co-Development and Licensing Agreement under which the two companies are co-developing CX-2029, a Probody drug conjugate against CD71. CD71...