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Exhibit 99.1
CytomX Therapeutics Announces Full-Year 2018 Financial Results
-Company to Host a Conference Call Today, February 27, 2019, at 5:00 p.m. EST / 2:00 p.m. PST-
SOUTH SAN FRANCISCO, CA., February 27, 2019 -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody™ therapeutic technology platform, today reported full-year 2018 financial results. As part of its 2019 Research and Development Day held yesterday in New York, CytomX provided an operational update on the company.
As of December 31, 2018, CytomX had cash, cash equivalents and short-term investments of $436.1 million, sufficient capital to fund its operating expenses and capital requirement into 2021.
“Over the last year, we have generated meaningful clinical proof of concept data for the Probody platform across both of our lead, wholly-owned programs,” said Sean McCarthy, D.Phil., president, chief executive officer and chairman of CytomX Therapeutics. “As we showed at our inaugural Research and Development Day yesterday, our PD-L1 Probody therapeutic, CX-072, is active across a wide range of tumors and has a potentially differentiated safety profile as monotherapy and in combination. CX-2009, our first-in-class CD166 Probody Drug Conjugate, is well tolerated and has demonstrated anti-tumor activity across multiple tumor types. In 2019, we will continue to explore the full potential of these innovative product candidates as we maintain our intense focus on discovery, development and ultimate commercialization of a new generation of differentiated cancer therapeutics.”
2018 Business Highlights and Recent Developments
PROCLAIM-CX-072 (PD-L1 Probody Therapeutic) Clinical Program
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CX-072 is a Probody therapeutic targeting PD-L1, a clinically- and commercially-validated anti-cancer target. |
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Enrollment began in January 2017 in PROCLAIM-CX-072, a Phase 1/2 clinical trial evaluating CX-072 as monotherapy and in combination with YERVOY® (ipilimumab) or Zelboraf® (vemurafenib) in patients with cancer. |
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Enrollment and follow-up are ongoing in the monotherapy expansion cohorts of CX-072 at 10 mg/kg in multiple indications (Part D). |
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Data from Parts A, A2 and D was presented most recently at CytomX’s 2019 Research and Development Day. |
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Additional data from Part D is expected in 2019. |
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Cytomx Therapeutics, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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The increase was primarily attributable to an increase in interest earned on our short-term investments due to an overall increase in our cash and cash equivalents position resulting from the common stock offering completed in July 2018.
Research and development expenses include personnel costs, including stock-based compensation expense, contractor services, laboratory materials and supplies, depreciation and maintenance of research equipment, and an allocation of related facilities costs.
The increase in internal costs for the current period was primarily due to increase in personnel-related expenses and allocation of information technology and facilities-related expenses resulting from an increase in headcount.
The increase was primarily attributable to an increase of $1.8 million in personnel-related expense due to an increase in headcount, and an increase of $0.5 million in consulting and professional services primarily due to an increase in tax and accounting compliance activities.
Other Expense Other expense decreased $0.1 million during the current period compared to the corresponding period in 2018.
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Financial Statements, Disclosures and Schedules
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Cytomx Therapeutics, Inc. provided additional information to their SEC Filing as exhibits
Ticker: CTMX
CIK: 1501989
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-017968
Submitted to the SEC: Thu May 09 2019 12:06:51 PM EST
Accepted by the SEC: Thu May 09 2019
Period: Sunday, March 31, 2019
Industry: Pharmaceutical Preparations