Financing is expected to extend cash runway into the 2nd half of 2025 based on current operating plans, enabling the Company to reach multiple clinical milestones -
- $30 million initial investment and up to $90 million in total potential funding -
CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of conditionally activated, localized biologics, today announced that it has entered into an agreement with BVF Partners L.P. (“BVF”) for a private placement that is expected to result in initial gross proceeds of approximately $30 million. In the private placement, CytomX is selling pre-funded warrants to purchase up to 14,423,077 shares of common stock, accompanying Tranche 1 warrants to purchase up to 5,769,231 shares of common stock and accompanying Tranche 2 warrants to purchase up to 5,769,231 shares of common stock, at a combined price of $2.08 per share of pre-funded warrant and accompanying common warrants, representing a premium of 25% to volume weighted average price over the prior 30 trading days through June 28, 2023.
Each pre-funded warrant will have an exercise price of $0.00001 per share of common stock, will be exercisable immediately and will be exercisable for 20 years. The accompanying Tranche 1 common warrants will have an exercise price of $4.16 per share of common stock, will be immediately exercisable and expire on July 3, 2025 and the accompanying Tranche 2 common warrants will have an exercise price of $6.24 per share of common stock, will be immediately exercisable and expire on July 3, 2026.
CytomX anticipates aggregate initial gross proceeds from the offering will be approximately $30 million, which are expected to extend the Company’s cash runway into the second half of 2025, based on CytomX’s current operating plan. CytomX also has the potential to receive up to an additional $60 million if all warrants are fully exercised for cash.
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