CytomX Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

CytomX Therapeutics, a clinical-stage biopharmaceutical company, announced the granting of stock options to two new employees. As of April 1, 2021, one employee received options for 120,000 shares at $7.87, and another on April 12, 2021, for 275,000 shares at $6.74. These grants were made under the 2019 Employment Inducement Incentive Plan to attract talent. CytomX focuses on conditionally activated antibody therapeutics targeting cancer, with partnerships with prominent companies such as AbbVie and Bristol Myers Squibb.

Positive

• Granting stock options to attract new talent.
• Partnerships with major companies like AbbVie and Bristol Myers Squibb enhance credibility.

Negative

• Stock options may dilute existing shareholder value.

SOUTH SAN FRANCISCO, Calif., April 14, 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 April 1, 2021, the Company granted a new employee an option to purchase a total of 120,000 shares of the Company’s common stock at an exercise price per share equal to $7.87, which was the closing trading price on April 1, 2021, the date of the grant. In addition, on April 12, 2021, the Company also granted another new employee an option to purchase a total of 275,000 shares of the Company’s common stock at an exercise price per share equal to $6.74, which was the closing trading price on April 12, 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.

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

Investor and Media Contact:
Stern Investor Relations
Stephanie Ascher
stephanie.ascher@sternir.com 
212-362-1200

FAQ

What recent stock options were granted by CytomX Therapeutics (CTMX)?

CytomX Therapeutics granted 120,000 shares at $7.87 on April 1, 2021, and 275,000 shares at $6.74 on April 12, 2021.

What is the purpose of the stock options granted by CytomX (CTMX)?

The stock options were granted to incentivize new employees to join the company.

Who are the partners of CytomX Therapeutics (CTMX)?

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

What technology does CytomX (CTMX) specialize in?

CytomX specializes in conditionally activated antibody therapeutics based on its Probody technology platform.

How does the granting of stock options affect shareholders of CytomX (CTMX)?

The granting of stock options could potentially dilute existing shareholders' equity.