Triggers $10 Million Milestone Payment to CytomX
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, today announced 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”). 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.
“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.
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.
向 CytomX 支付1000万美元里程奖励
CytomX Therapeutics , Inc .( Nasdaq : CTMX )，一家以临床阶段肿瘤治疗为重点的生物制药公司，基于 Probody ™治疗技术平台，开创了一种新型的研究抗体疗法。今天宣布其合作伙伴艾伯维（AbbVie）根据公司2016 Discovery Collaboration and Licensing Agreement 选择第二个目标，以发现和开发 Probody 药物共轭物（“ PDC ”）。目标选择触发从艾伯维（AbbVie）向 CytomX 支付1000万美元。这是艾伯维（AbbVie）根据协议可获得的两个研究目标中的第二个。根据全球合作开发和许可协议，两家公司还在推进一项临床阶段资产 CX-2029。
“与艾伯维（AbbVie）一起启动这一额外计划以及相关的里程碑付款，反映出 CytomX 概念的临床证明在支持 Probody 平台方面取得了越来越强的实力。它还进一步强调了我们独特技术的潜力，使癌症患者有意义的差异。我们很高兴能与我们的艾伯维（AbbVie）同事一起启动这个新项目。”菲尔。 CytomX Therapeutics 总裁、首席执行官兼董事长。
根据2016年4月 Discovery Collaboration and Licensing Agreement 的条款，艾伯维（AbbVie）获得针对多达两个目标（分别于2017年3月和2019年6月选定）开发和商业化 PDC 的全球独家权利。在每一种情况下， CytomX 负责与艾伯维（AbbVie）公司开展某些研究和临床前活动，领导合作产生的产品的临床前和临床开发及商业化。CytomX 收到了每个目标选择的1000万美元的预付款，并且有资格从任何产生的PDC的商业销售中获得高达2.75亿美元的开发、监管和商业里程碑付款和特许权使用费。