CytomX stock rises as Astellas to pay $5M milestone under research pact
Jan. 26, 2023 1:25 PM ETCytomX Therapeutics, Inc. (CTMX), ALPMF, ALPMYBy: Ravikash, SA News Editor2 Comments
fotostorm
- CytomX Therapeutics (NASDAQ:CTMX) stock rose ~8% on Thursday after the company said it will get $5M in milestone payment from Astellas Pharma (OTCPK:ALPMF) (OTCPK:ALPMY) under their collaboration agreement.
- The companies achieved the first clinical candidate under their Probody T-Cell Engaging Bispecific (TCB) agreement.
- CytomX and Astellas are also collaborating on additional conditionally activated TCB programs with CytomX is eligible to receive future preclinical, clinical and commercial milestones, the companies noted.
- CytomX has a cost share and co-commercialization option on certain number of targets.
- "The progress with Astellas highlights our strategy to create value through a broad, diversified pipeline of wholly-owned and partnered therapeutic programs as well as expanding our research and development efforts in the field of TCBs," said CytomX Chairman and CEO Sean McCarthy.