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CytomX Announces Year-End 2015 Financial Results
SOUTH SAN FRANCISCO, Calif., March 7, 2016– CytomX Therapeutics, Inc. (Nasdaq: CTMX), a biopharmaceutical company developing investigational Probody™ therapeutics for the treatment of cancer, today reported year-end 2015 financial results.
As of December 31, 2015, CytomX had cash and cash equivalents and short-term investments of $186.7 million. The Company expects net cash utilization of $45.0 to $50.0 million in 2016. The Company believes that, based upon its current operating plan, its existing capital resources will be sufficient to fund its anticipated operations through 2018.
Year-End 2015 Financial Results
Cash, cash equivalents and investments totaled $186.7 million as of December 31, 2015, compared to $64.4 million as of December 31, 2014. The increase reflects net proceeds of $74.4 million received from the issuance of redeemable convertible preferred stock and $81.8 million in connection with the initial public offering in October 2015.
Research and development expenses were $28.4 million for the year ended December 31, 2015, compared to $28.3 million for the year ended December 31, 2014. Increases of $7.6 million in lab services and supplies expenses related to advancement of our product pipeline and $4.1 million in personnel-related expenses due to an increase in headcount were offset by a decrease of $12.8 million due to expense attributable to the formation of our ImmunoGen collaboration in 2014.
General and administrative expenses were $12.6 million for the year ended December 31, 2015, compared to $6.5 million for the year ended December 31, 2014. The increase was attributable to $4.3 million in additional personnel-related expenses due to an increase in headcount and $1.6 million in additional consulting and professional service expenses due primarily to preparation for the Company’s initial public offering.
About CytomX Therapeutics
CytomX is an oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody technology platform. The company uses the platform to create development-stage proprietary cancer immunotherapies against clinically-validated targets, as well as to develop first-in-class investigational cancer therapeutics against novel targets. CytomX believes that its Probody platform has the potential to improve the combined efficacy and safety profile of monoclonal antibody modalities, including cancer immunotherapies, antibody drug conjugates and T-cell-recruiting bispecific antibodies. Probody therapeutics are designed to take advantage of unique conditions in the tumor microenvironment to enhance the tumor-targeting features of an antibody and reduce drug activity in healthy tissues. Investigational Probody therapeutics are being developed that address clinically-validated cancer targets in immuno-oncology, such as PD-L1, against which clinical candidate CX-072 is directed, as well as novel targets, such as CD-166, that are difficult to drug without
The following information was filed by Cytomx Therapeutics, Inc. (CTMX) on Monday, March 7, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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