CytomX Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

CytomX Therapeutics (NASDAQ: CTMX) announced the granting of stock options to nine new employees on September 15, 2020. A total of 211,000 shares were issued at an exercise price of $7.22, equal to the closing price on that date. This action is part of the Company's 2019 Employment Inducement Incentive Plan, aimed at attracting talent. CytomX is a clinical-stage biopharmaceutical company focused on oncology, utilizing its Probody technology to develop innovative cancer treatments, partnering with major industry players like AbbVie and Bristol Myers Squibb.

Positive

• Granting of 211,000 stock options may enhance employee retention and attraction, potentially improving company performance.
• The Probody technology platform has strategic collaborations with major companies, boosting research capabilities and market potential.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Sept. 18, 2020 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (NASDAQ:CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody^® technology platform, today announced that on September 15, 2020, the Company granted nine new employees options to purchase a total of 211,000 shares of the Company’s common stock at an exercise price per share equal to $7.22, which was the closing trading price on September 15, 2020, 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 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 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 includes first-in-class product candidates against previously undruggable targets, including a CD166-targeting Probody drug conjugate wholly owned by CytomX (CX-2009) and a CD71-targeting Probody 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 our wholly owned anti-PD-L1 Probody therapeutic, CX-072, and the CTLA-4-targeting Probody therapeutics, BMS-986249 and BMS-986288, partnered with Bristol Myers Squibb. For additional information about CytomX Therapeutics, visit www.cytomx.com and follow us on LinkedIn and Twitter.

PROBODY is a registered trademark of CytomX Therapeutics.

Contact:

Investors and Media:

Christopher Keenan
VP, Investor Relations and Corporate Communications
ckeenan@cytomx.com
650-383-0823

FAQ

What stock options were granted by CytomX Therapeutics on September 15, 2020?

CytomX granted options for 211,000 shares at an exercise price of $7.22.

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

The stock options aim to attract and retain new employees under the 2019 Employment Inducement Incentive Plan.

Which companies has CytomX Therapeutics partnered with?

CytomX has partnered with AbbVie, Bristol Myers Squibb, Amgen, and Astellas.

What does CytomX Therapeutics focus on?

CytomX focuses on developing innovative oncology therapies using its Probody technology.