The CytomX Therapeutics Inc (NASDAQ: CTMX) stock price rallied higher after releasing an update about its 2023 priorities and progress in its drug pipeline. The company also announced a $35 million licensing deal with Moderna.
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The drug development company focusing on developing cancer drugs will receive $5 million in upfront funding from Moderna to kickstart its research into messenger RNA-based cancer drug therapies.
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The partnership will give CytomX access to Moderna’s mRNA technology, which was successfully used to develop COVID-19 vaccines. At the same time, Moderna will get access to CytomX’s Probody platform, used to develop cancer treatments.
CytomX will also earn royalties from Moderna if drugs developed through the partnership are commercialised. In addition, the company could earn up to $1.2 billion in milestone payments if the partnership results in drug treatments that are commercialised.
Investors also cheered the operations update issued by CytomX outlining its recent progress, expected 2023 milestones and achievements in its drug pipeline. The company also highlighted its partnership with Moderna, which follows a similar partnership with Regeneron.
Sean McCarthy, D.Phil., the CytomX Therapeutics CEO, said: “We are delighted to enter 2023 with strong momentum across all areas of our business. CytomX’s scientific depth and leadership in pioneering the field of conditionally activated, localized biologics has enabled us to build a robust therapeutic pipeline and continue to attract elite partners with a shared vision of pursuing bold science to positively impact the lives of people with cancer,”
Adding:
“For CX-2029 specifically, we have pushed the boundaries of biologics localization with our Probody® technology to create a therapeutic window for the previously undruggable target, CD71. The full CX-2029 Phase 2 cohort expansion data continues to demonstrate encouraging clinical activity in unselected, heavily pre-treated patients with tumors of squamous histology, and we look forward to working with our partner AbbVie to determine the next steps for this program.”
Over 11.92 million CytomX shares had changed hands at the time of writing as investor interest in the company remained high.
*This is not investment advice.
CytomX Therapeutics (CTMX) stock price.
The CytomX Therapeutics (CTMX) stock price soared 81.56% to trade at $3.25, from Thursday’s closing price of $1.79.
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