CytomX Therapeutics, Inc.
Lead Plaintiff Deadline: 07/20/2020
SUMMARY OF CASE:
A securities class action has been filed against CytomX Therapeutics, Inc. (CTMX) on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired CytomX securities between May 17, 2018 through May 13, 2020. This case has been filed in the USDC – N.D. Cal.
The Complaint alleges that on May 13, 2020, CytomX made available abstracts for the Company’s clinical presentations for CX-072, an PD-L1 inhibitor, and CX-2009, an antibody-drug conjugate. Results from CytomX’s Phase 2 study evaluating CX-072 in patients with solid tumors showed a response rate of 8.8%, compared to a response rate of 18.5% in patients receiving the combination of CX-072 and Bristol Myers Squibb’s Yervoy (ipilimumab). Meanwhile, results from CytomX’s Phase 1/2 study evaluating CX-2009 in patients with solid tumors showed “evidence” of clinical activity at doses at least 4 mg/kg 3x/week, yet the data suggest 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 sharply during intraday trading on May 14, 2020.