CytomX Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

CytomX Therapeutics (Nasdaq: CTMX), a biopharmaceutical company focused on oncology, announced the grant of stock options to six new employees on October 15, 2021. A total of 177,000 shares were offered at an exercise price of $5.14, matching the closing price on the grant date. The options are part of the 2019 Employment Inducement Incentive Plan, approved by the board in August 2020. CytomX specializes in conditionally activated therapeutics, employing its Probody® technology platform, to target cancer with minimized toxicity.

Positive

• Grant of 177,000 stock options indicates company growth and employee incentivization.
• The options are granted under a board-approved plan, supporting strategic hiring.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Oct. 18, 2021 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage, oncology-focused biopharmaceutical company pioneering a novel class of investigational conditionally activated therapeutics based on its Probody® technology platform, today announced that on October 15, 2021, the Company granted six new employees options to purchase a total of 177,000 shares of the Company’s common stock at an exercise price per share equal to $5.14, which was the closing trading price on October 15, 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 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 biologics 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 is the significance of the stock options granted by CytomX Therapeutics on October 15, 2021?

CytomX granted stock options to six new employees, totaling 177,000 shares at $5.14 each, to incentivize new hires.

What plan governs the stock options granted by CytomX Therapeutics?

The options were granted under the 2019 Employment Inducement Incentive Plan, approved by the board in August 2020.

What is the Probody technology platform used by CytomX Therapeutics?

Probody technology allows therapeutics to remain inactive until activated in the tumor microenvironment, aiming to reduce toxicity.

How many shares of common stock were granted in the stock options by CytomX?

CytomX granted a total of 177,000 shares through stock options.