|Company name||CytomX Therapeutics, Inc.|
|Status||Class Action Complaint Filed|
NEW YORK, May 22, 2020– Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased CytomX Therapeutics, Inc. (NASDAQ: CTMX) securities between May 17, 2018 and May 13, 2020 (the “Class Period”). Investors have until July 20, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
CytomX operates as an oncology-focused biopharmaceutical company in the U.S. The Company develops a novel class of investigational antibody therapeutics based on its Probody technology platform for the treatment of cancer. CytomX’s lead product candidates in the clinical stage include, among others, CX-072 and CX-2009.
CytomX has been evaluating CX-072 in its “PROCLAIM” series clinical program for several years. For example, the PROCLAIM-CX-072-001 clinical trial was designed to assess the tolerability and preliminary antitumor activity of multiple doses of CX-072 as a monotherapy or as a combination therapy with ipilimumab (which Bristol-Myers Squibb Company markets under the brand name Yervoy) or vemurafenib (which Roche markets under the brand name Zelboraf) in patients with advanced, unresectable solid tumors or lymphoma. The Company also began conducting a Phase 2 clinical trial called PROCLAIM-CX-072-002, which was initiated in October 2019, and is an open-label, multi-center clinical trial evaluating CX-072 in combination with ipilimumab in patients with unresectable or metastatic melanoma.
Likewise, CystomX had been evaluating CX-2009 under its own “PROCLAIM” brand clinical program. This program includes the PROCLAIM-CX-2009-001 clinical trial, which is a Phase 1/2 trial evaluating the tolerability and preliminary antitumor activity of CX-2009 as a monotherapy, which CytomX initiated in June 2017. This clinical program also proceeded in multiple parts—Parts A and A2, which are monotherapy dose escalation studies; and Part B, which is a Phase 2 expansion study of CX-2009 monotherapy at 7 mg/kg administered every three weeks in up to 40 patients with hormone receptor (ER, PR) positive, HER2 negative breast cancer, which defendants announced in December 2019 based on the tolerability and activity data from Part A and A2 of the study.
On May 13, 2020, CytomX made available abstracts for the Company’s clinical presentations for CX-072 and CX-2009. Results from the PROCLAIMCX-072 clinical program showed a response rate of 8.8%, compared to a response rate of 18.5% in patients receiving the combination of CX-072 and ipilimumab. Meanwhile, results from the PROCLAIM-CX-2009 clinical program showed “evidence” of clinical activity at doses at least 4 mg/kg 3x/week, but also suggested a significantly higher rate of serious or greater treatment related toxicity to the eyes at dose equivalents at least 8 mg/kg 3x/week.
Following the release of the foregoing data, CytomX’s stock price fell $5.21 per share, or 36.08%, to close at $9.23 per share on May 14, 2020.
If you purchased CytomX securities during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.