CytomX Therapeutics Announces New Employment Inducement Grant

Rhea-AI Summary

CytomX Therapeutics (Nasdaq: CTMX) has announced the grant of stock options to a new employee, totaling 65,000 shares at an exercise price of $8.64, aligning with the closing stock price on February 16, 2021. This option issuance is part of the 2019 Employment Inducement Incentive Plan, which aims to attract new talent to the company. CytomX specializes in developing a unique class of antibody therapeutics based on its Probody technology platform, focused on treating cancer more safely and effectively.

Positive

• Stock option grant of 65,000 shares may attract skilled talent, enhancing company capabilities.
• Development of Probody technology aims to create safer, more effective cancer therapies.

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• None.

SOUTH SAN FRANCISCO, Calif., Feb. 19, 2021 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational conditionally-active antibody therapeutics based on its Probody^® technology platform, today announced that on February 15, 2021, the Company granted a new employee an option to purchase a total of 65,000 shares of the Company’s common stock at an exercise price per share equal to $8.64, which was the closing trading price on February 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-active 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-active 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-active antibody-drug conjugate wholly owned by CytomX (praluzatamab ravtansine, CX-2009) and a CD71-targeting conditionally-active 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 conditionally-active antibody therapeutics, BMS-986249 and BMS-986288, partnered with Bristol Myers Squibb, and our wholly-owned conditionally-active 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 stock options did CytomX grant on February 15, 2021?

CytomX granted an option for 65,000 shares at an exercise price of $8.64.

What is the purpose of the employee stock option grant at CytomX?

The stock options are part of the 2019 Employment Inducement Incentive Plan to attract new employees.

What technology does CytomX Therapeutics utilize?

CytomX uses its Probody technology platform for developing cancer therapeutics.

What is the significance of CytomX's stock option grant for investors?

The stock option grant reflects the company's commitment to attracting talent, which could impact its growth and innovation.