CytomX Announces Year-End 2015 Financial Results
09 Marzo 2016 - 6:46PM
CytomX Therapeutics, Inc. (Nasdaq:CTMX), a biopharmaceutical
company developing investigational Probody™ therapeutics for the
treatment of cancer, today reported year-end 2015 financial
results.
As of December 31, 2015, CytomX had cash and cash equivalents
and short-term investments of $186.7 million. The Company expects
net cash utilization of $45.0 to $50.0 million in 2016. The Company
believes that, based upon its current operating plan, its existing
capital resources will be sufficient to fund its anticipated
operations through 2018.
Year-End 2015 Financial Results
Cash, cash equivalents and investments totaled $186.7 million as
of December 31, 2015, compared to $64.4 million as of December 31,
2014. The increase reflects net proceeds of $74.4 million received
from the issuance of redeemable convertible preferred stock and
$81.8 million in connection with the initial public offering in
October 2015.
Research and development expenses were $28.4 million for the
year ended December 31, 2015, compared to $28.3 million for the
year ended December 31, 2014. Increases of $7.6 million in lab
services and supplies expenses related to advancement of our
product pipeline and $4.1 million in personnel-related expenses due
to an increase in headcount were offset by a decrease of $12.8
million due to expense attributable to the formation of our
ImmunoGen collaboration in 2014.
General and administrative expenses were $12.6 million for the
year ended December 31, 2015, compared to $6.5 million for the year
ended December 31, 2014. The increase was attributable to $4.3
million in additional personnel-related expenses due to an increase
in headcount and $1.6 million in additional consulting and
professional service expenses due primarily to preparation for the
Company’s initial public offering.
About CytomX Therapeutics
CytomX is an oncology-focused biopharmaceutical company
pioneering a novel class of investigational antibody therapeutics
based on its Probody technology platform. The company uses the
platform to create development-stage proprietary cancer
immunotherapies against clinically-validated targets, as well as to
develop first-in-class investigational cancer therapeutics against
novel targets. CytomX believes that its Probody platform has the
potential to improve the combined efficacy and safety profile of
monoclonal antibody modalities, including cancer immunotherapies,
antibody drug conjugates and T-cell-recruiting bispecific
antibodies. Probody therapeutics are designed to take advantage of
unique conditions in the tumor microenvironment to enhance the
tumor-targeting features of an antibody and reduce drug activity in
healthy tissues. Investigational Probody therapeutics are being
developed that address clinically-validated cancer targets in
immuno-oncology, such as PD-L1, against which clinical candidate
CX-072 is directed, as well as novel targets, such as CD-166, that
are difficult to drug without causing damage to healthy tissues, or
toxicities. In addition to its proprietary programs, CytomX is
collaborating with strategic partners including Bristol-Myers
Squibb Company, Pfizer Inc., MD Anderson Cancer Center, and
ImmunoGen, Inc. For more information, visit www.cytomx.com.
Forward-Looking Statements
This press release includes forward-looking statements. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that are difficult to
predict, may be beyond our control, and may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied in such statements. Accordingly, you should not rely on any
of these forward-looking statements. Our Probody platform is in
preclinical development, and the process by which a preclinical
technology could potentially lead to an approved product is long
and subject to significant risks and uncertainties. Projected net
cash utilization and capital resources are subject to substantial
risk of variance based on a wide variety of factors that can be
difficult to predict. Applicable risks and uncertainties
include those relating to our preclinical research and development
and other risks identified under the heading "Risk Factors"
included in our filings with the SEC. The forward-looking
statements contained in this press release are based on information
currently available to CytomX and speak only as of the date on
which they are made. CytomX does not undertake and specifically
disclaims any obligation to update any forward-looking statements,
whether as a result of any new information, future events, changed
circumstances or otherwise.
Corporate Communications Contact: Canale
Communications Ian Stone ian@canalecomm.com 619-849-5388
Investor Contact: Trout Group Pete Rahmer
prahmer@troutgroup.com 646-378-2973
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