Stock Alert: CytomX Shares Up 19% In After-Market

(RTTNews) - Shares of CytomX Therapeutics Inc. (CTMX) rose over 19% to $8.00 in after-market session on March 30, after the company announced the achievement of a clinical milestone in conjunction with the CX-2029 program, triggering a $40 million payment from AbbVie to CytomX.

"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, president, chief executive officer and chairman of CytomX Therapeutics.

The company also provided an update on its lead wholly owned clinical programs.

In assessing the evolving COVID-19 pandemic, and the emerging challenges for clinical trial execution within the company's studies and across the industry, CytomX has decided to temporarily pause new patient enrollment and new site activation in the PROCLAIM-CX-2009-001 study evaluating the CD166-targeting Probody drug conjugate CX-2009.

CytomX has also made the strategic decision to terminate the PROCLAIM-CX-072-002 study (NCT03993379) evaluating the anti-PD-L1 Probody CX-072 in combination with Yervoy (ipilimumab) in melanoma. This comes following a re-evaluation of the evolving clinical, competitive and commercial landscapes in immuno-oncology, taken together with impact of the COVID-19 pandemic.

The stock has been trading in the range of $3.60 - $12.63 for the past one year, and closed Monday's trade at $6.70, up 35 cents or 5.51%.