On July 9, 2019 CytomX Therapeutics, Inc. (Nasdaq: CTMX), a clinical-stage oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody therapeutic technology platform, reported the second target selection by its partner AbbVie under the companies’ 2016 Discovery Collaboration and Licensing Agreement to discover and develop Probody drug conjugates ("PDC") (Press release, CytomX Therapeutics, JUL 9, 2019, View Source [SID1234537428]). The target selection triggers a $10 million payment to CytomX from AbbVie. This is the second of two research targets available to AbbVie under the agreement. The companies are also advancing a clinical-stage asset, CX-2029, under a global co-development and licensing agreement.
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"The initiation of this additional program with AbbVie and the associated milestone payment reflects the growing strength of clinical proof of concept CytomX has achieved in support of the Probody platform. It also further underscores the potential of our unique technology to make meaningful differences for cancer patients. We are excited to start this new program with our AbbVie colleagues," said Sean McCarthy D.Phil., president, chief executive officer and chairman of CytomX Therapeutics.
About the Discovery Collaboration and Licensing Agreement
Under the terms of the April 2016 Discovery Collaboration and Licensing Agreement, AbbVie receives exclusive worldwide rights to develop and commercialize PDCs against up to two targets, which were selected in March 2017 and June 2019. In each case, CytomX is responsible for certain research and pre-clinical activities with AbbVie leading pre-clinical and clinical development and commercialization of products arising from the collaboration. CytomX received an upfront payment of $10 million for each target selection and is eligible to receive up to $275 million in development, regulatory and commercial milestone payments and royalties in the high single to low teens from commercial sales of any resulting PDCs.
About the CX-2029 Co-Development and Licensing Agreement
Pursuant to the April 2016 Co-Development and Licensing Agreement, CytomX and AbbVie are also co-developing CX-2029, a PDC against CD71. CD71, also known as transferrin receptor 1 ("TfR1"), is a cell surface protein that is essential for iron uptake in dividing cells, is highly expressed in a number of solid and hematologic cancers and has attractive molecular properties for efficient delivery of cytotoxic payloads to tumor cells. CytomX received an upfront payment of $20 million, is eligible to receive up to $470 million in development, regulatory and commercial milestone payments, pending the achievement of pre-determined outcomes. CytomX is responsible for research activities and leading early-stage clinical development of CX-2029. AbbVie will lead global commercial activities with CytomX eligible to receive a profit share in the U.S. and tiered double-digit royalties on net product sales outside of the U.S. CytomX retains an option to co-promote in the U.S. CytomX initiated PROCLAIM-CX-2029, a Phase 1 dose escalation trial, in June 2018.