CytomX Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

CytomX Therapeutics (CTMX) announced the grant of stock options to seven new employees for a total of 172,600 shares at $4.81 each, reflecting the closing price on August 16, 2021. This grant, made under the 2019 Employment Inducement Incentive Plan, aims to attract new talent. CytomX, an oncology-focused biopharmaceutical firm, specializes in conditionally activated antibody therapeutics using its Probody® technology platform to target cancer effectively while minimizing toxicity. The company collaborates with major pharmaceutical partners and has a clinical pipeline advancing towards Phase 2 studies.

Positive

• Granting stock options to new employees may enhance talent acquisition and retention.
• CTMX's Probody technology shows promise for developing safer cancer therapies.
• Strategic collaborations with firms like AbbVie and Bristol Myers Squibb strengthen CTMX's pipeline.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Aug. 17, 2021 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage, oncology-focused biopharmaceutical company pioneering a novel class of investigational conditionally activated antibody therapeutics based on its Probody® technology platform, today announced that on August 16, 2021, the Company granted seven new employees options to purchase a total of 172,600 shares of the Company’s common stock at an exercise price per share equal to $4.81, which was the closing trading price on August 16, 2021, the date of the grant.

The stock options were granted pursuant to the Company’s 2019 Employment Inducement Incentive Plan, which was approved by the Company’s board of directors in August 2020 under Rule 5635(c)(4) of The Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.

About CytomX Therapeutics
CytomX is a clinical-stage, oncology-focused biopharmaceutical company with a vision of transforming lives with safer, more effective therapies. We are developing a novel class of investigational conditionally activated antibody therapeutics, based on our Probody® technology platform, for the treatment of cancer. CytomX has strategic drug discovery and development collaborations with AbbVie, Amgen, Astellas, and Bristol Myers Squibb.

Probody therapeutics are conditionally activated antibodies designed to remain inactive until they are activated by proteases in the tumor microenvironment. As a result, Probody therapeutics are intended to bind selectively to tumors and decrease binding to healthy tissue, to minimize toxicity and potentially create safer, more effective therapies. As leaders in the field, our innovative technology is designed to turn previously undruggable targets into druggable targets and to enable more effective combination therapies. CytomX and its partners, comprised of leading biotechnology and pharmaceutical companies, have developed a robust pipeline of potential first-in-class therapeutic candidates against novel, difficult to drug targets and potential best-in-class immunotherapeutic candidates against clinically validated targets. The CytomX clinical-stage pipeline comprises five assets, four of which are in Phase 2 clinical studies. First-in-class product candidates against previously undruggable targets include a CD166-targeting conditionally activated antibody-drug conjugate wholly owned by CytomX (praluzatamab ravtansine, CX-2009) and a CD71-targeting conditionally activated antibody-drug conjugate partnered with AbbVie (CX-2029). CD166 and CD71 are among cancer targets that are considered to be inaccessible to conventional antibody-drug conjugates due to their presence on many healthy tissues. The CytomX clinical-stage pipeline also includes cancer immunotherapeutic candidates against validated targets such as the CTLA-4-targeting Probodies, BMS-986249 and BMS-986288, partnered with Bristol Myers Squibb, and our wholly-owned conditionally activated anti-PD-L1 antibody, pacmilimab (CX-072). For additional information about CytomX Therapeutics, visit www.cytomx.com and follow us on LinkedIn and Twitter.

Probody is a U.S. registered trademark of CytomX Therapeutics, Inc.

Investor Contact:
Chau Cheng, PhD MBA
VP, Investor Relations & Corp. Communications
ccheng@cytomx.com
Direct: (650) 273-4999

Media Contact:
Bret Coons
Director, Corporate Communications
bcoons@cytomx.com
Direct: (650) 528 2929

FAQ

What stock options were granted by CytomX Therapeutics on August 16, 2021?

CytomX Therapeutics granted options to purchase 172,600 shares at an exercise price of $4.81 each.

What is the purpose of the stock options granted by CytomX?

The stock options are intended to induce new employees to join the company.

What technology does CytomX Therapeutics use for cancer treatment?

CytomX uses its Probody® technology platform for developing conditionally activated antibody therapeutics.

How many assets are in CytomX's clinical-stage pipeline?

CytomX has five assets in its clinical-stage pipeline, four of which are in Phase 2 studies.

Which companies does CytomX have collaborations with?

CytomX collaborates with AbbVie, Amgen, Astellas, and Bristol Myers Squibb.