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Monday, March 30, 2020

CytomX gets $40M milestone from AbbVie on advancement of drug conjugate

CytomX Therapeutics (NASDAQ:CTMX) has earned a $40M milestone payment from collaboration partner AbbVie (NYSE:ABBV) triggered by the achievement of pre-specified criteria for the dose-escalation portion of the ongoing Phase 1/2 clinical trial, PROCLAIM-CX-2029.
CX-2029 is a Probody drug conjugate that targets a protein found on the surface of a range of cancer cells called CD71, also known as transferrin receptor 1, that plays a key role in iron uptake in dividing cells. CD71 is overexpressed in a range of blood cancers and solid tumors and is an attractive target for the delivery of cytotoxic payloads to tumor cells.
On the COVID-19 front, the company has decided to suspend enrollment and new clinical site activation in the Phase 1 PROCLAIM-CX-2009-001 study evaluating CX-2009 in solid tumors and terminate the Phase 2 PROCLAIM-CX-072-002 trial evaluating the combination of CX-072 and Bristol-Myers Squibb’s Yervoy (ipilimumab) in melanoma.
Management will host a conference call today at 6:00 pm ET to discuss its plans.
Shares up 4% after hours.
https://seekingalpha.com/news/3556517-cytomx-earns-40m-milestone-from-abbvie-on-advancement-of-drug-conjugate

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