CytomX Therapeutics Cuts Workforce, Extend Cash Runway Into 2025
CytomX Therapeutics Inc (NASDAQ: CTMX) is restructuring its business to prioritize internal investments in its emerging pre-clinical and early clinical pipeline.
The company will cut 40% of its workforce. The changes are expected to extend the company's cash runway into 2025.
CytomX ended the March quarter with cash and equivalents of $263 million.
The company said that based on the results of a three-arm Phase 2 study of Praluzatamab ravtansine in breast cancer, it would deprioritize internal investment in this program and seek a partnership to advance the asset further.
Related: CytomX's Breast Cancer Candidate Meets Primary Goal Of Objective Response Rate.
CytomX is maintaining its robust research, translational, and early development organizations to support ongoing internal pipeline efforts with two Investigational New Drug Applications (INDs) planned for 2H of 2023, including:
CX-801: Interferon alpha-2b probody, with potential application in traditionally immuno-oncology sensitive and insensitive (cold) tumors.
CX-2051: EpCAM-directed ADC for potential application in EpCAM-expressing epithelial cancers.
Price Action: CTMX shares are up 6.15% at $1.38 during the premarket session on the last check Thursday.
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