CytomX Stock Jumps 55% Following Partnership with Moderna

CytomX Stock Jumps 55% Following Partnership with Moderna

CytomX Therapeutics shares (NASDAQ: CTMX) saw a 55.3% increase in after-market trading on January 5th following the announcement of their collaboration with Moderna to develop investigational mRNA-based therapies that are conditionally activated.

Under the terms of the collaboration, Moderna and CytomX will work together to combine Moderna’s mRNA technology with CytomX’s Probody Platform to create and develop therapeutics for both oncology and non-oncology conditions. Moderna will take the lead on clinical development and commercialization of the resulting therapies, while both companies will collaborate on discovery and pre-clinical development.

Under the terms of the agreement, CytomX will receive an upfront payment of $35 million from Moderna, including $5 million in prepaid research funding. The company will also be eligible to receive up to $1.2 billion in milestone payments, as well as tiered royalties on the sales of therapies developed through this collaboration.

In addition, the agreement gives Moderna the option to participate in future equity financing rounds for CytomX.

Over the past year, CytomX’s shares have declined 56.6% compared to a 16.6% decline in the industry.

Yes, that’s correct. In November, CytomX also entered into a strategic collaboration with Regeneron to develop next-generation bispecific immunotherapies for the treatment of cancer. Under the terms of the agreement, Regeneron will lead the development and commercialization of the resulting therapies, while both companies will collaborate on the discovery and pre-clinical development. In return for these services, Regeneron paid CytomX an upfront payment of $30 million, and CytomX will be eligible to receive up to $2 billion in potential milestone payments and tiered royalties on the future sales of the therapies developed through this collaboration.

In addition to their collaborations with Moderna and Regeneron, CytomX has also entered into partnerships with several large pharmaceutical companies, including AbbVie, Amgen, and Bristol Myers Squibb. These partnerships involve the development of pipeline candidates targeting various oncology indications.

In a separate press release, CytomX also announced its business plans for 2023. The company plans to file separate investigational new drug (IND) applications for two new wholly owned programs, CX-2051 and CX-801, which will target cancer indications. In addition, CytomX aims to expand its pipeline in the field of T-cell-engaging bispecifics.

CytomX also provided an update on their pipeline from the completed phase II cohort expansion study. This study evaluated CX-2029, an antibody-drug conjugate (ADC) candidate being developed in partnership with AbbVie. The data from the study showed that CX-2029 continued to demonstrate encouraging anti-cancer activity in heavily pre-treated patients with squamous tumors. AbbVie and CytomX plan to determine the next steps for the candidate later this year.

For Latest News Click Here

Leave a Reply

Your email address will not be published. Required fields are marked *