CytomX Therapeutics, Inc. (NASDAQ: CTMX), a leader in the field of
conditionally activated oncology therapeutics and Moderna, Inc.
(NASDAQ: MRNA), a biotechnology company pioneering messenger RNA
(mRNA) therapeutics and vaccines, today announced a collaboration
and licensing agreement to create investigational mRNA-based
conditionally activated therapies utilizing Moderna’s mRNA
technologies and CytomX’s Probody® therapeutic platform.
The research collaboration will leverage core
scientific advances at Moderna and CytomX. Moderna's mRNA platform
builds on continuous advances in basic and applied mRNA science,
delivery technology and manufacturing, and has allowed the
development of therapeutics and vaccines for infectious diseases,
immuno-oncology, rare diseases, cardiovascular diseases, and
autoimmune diseases. CytomX’s Probody technology enables proteins
to be activated locally in diseased tissue, while remaining masked
in systemic circulation. These advances open up the strategy of
encoding potent, masked biologics with mRNA, for the potential
treatment of a wide range of diseases.
“We are excited to enter this collaboration with
CytomX to combine our technologies and to potentially bring
mRNA-based conditionally activated therapies to patients,” said
Rose Loughlin, Ph.D., Moderna’s Senior Vice President for Research
and Early Development. “Moderna and CytomX have a shared vision of
investing at the intersection of biology and technology to
transform the lives of patients, and this collaboration will expand
applications of our growing therapeutics pipeline.”
“At CytomX, we have always embraced bold science
in building the potential of Probody® therapeutics and we are
thrilled to be joining forces with Moderna in oncology as well as
expanding our technology to areas outside oncology where we believe
there is great potential,” said Sean McCarthy, D.Phil, CEO and
Chairman of CytomX. “Moderna’s global impact has shown the enormous
power of mRNA and we look forward to working closely with our
newest collaborator to bring novel, mRNA-based conditionally
activated therapeutics to patients with unmet medical needs.”
About the Alliance
Under the terms of the agreement, CytomX will
receive an upfront payment of $35 million, including $5 million of
pre-paid research funding. CytomX will continue to receive research
funding and is eligible to receive up to approximately $1.2 billion
in future development, regulatory, and commercial milestone
payments. CytomX is also eligible to receive tiered royalties on
global net sales of any products that are commercialized under the
agreement. Moderna and CytomX will collaborate on discovery and
pre-clinical development and Moderna will lead clinical development
and commercialization of therapeutics resulting from the agreement.
The agreement additionally provides Moderna with an option to
participate in a future equity financing by CytomX subject to
certain terms, conditions and regulatory requirements.
About CytomX Therapeutics,
Inc.
CytomX is a clinical-stage, oncology-focused
biopharmaceutical company dedicated to destroying cancer
differently. By pioneering a novel class of conditionally activated
biologics, powered by its Probody® technology platform, CytomX’s
goal is to transcend the limits of current cancer treatments.
CytomX’s robust and differentiated pipeline comprises therapeutic
candidates across multiple treatment modalities including
antibody-drug conjugates (“ADCs”), T-cell engaging bispecific
antibodies (“TCBs”), and immune modulators such as cytokines and
checkpoint inhibitors (“CPIs”). CX-2029 is an investigational
conditionally activated antibody-drug conjugate (ADC) directed
toward CD71, which has demonstrated encouraging antitumor activity
in patients with squamous non-small cell lung cancer and is being
developed in collaboration with AbbVie. CytomX’s clinical pipeline
also includes cancer immunotherapeutic candidates against validated
targets such as the CTLA-4-targeting Probody therapeutics,
BMS-986249 and BMS-986288, partnered with Bristol Myers Squibb, as
well as CX-904, a conditionally activated T-cell-engaging
bispecific antibody targeting the epidermal growth factor receptor
(EGFR) on tumor cells and the CD3 receptor on T cells, which is
partnered with Amgen. In addition, CytomX has a diverse preclinical
portfolio of wholly-owned assets including CX-801, an interferon
alpha-2b Probody cytokine that has broad potential applicability in
traditionally immuno-oncology sensitive as well as insensitive
(cold) tumors and CX-2051, a conditionally activated ADC directed
toward EpCAM, with potential applicability across multiple
EpCAM-expressing epithelial cancers. CytomX has also established
strategic collaborations with multiple leaders in oncology,
including AbbVie, Amgen, Astellas, Bristol Myers Squibb, Regeneron
and Moderna. For more information about CytomX and how it is
working to make conditionally activated treatments the new
standard-of-care in the fight against cancer, visit www.cytomx.com
and follow us on LinkedIn and Twitter.
About Moderna
In over 10 years since its inception, Moderna
has transformed from a research-stage company advancing programs in
the field of messenger RNA (mRNA), to an enterprise with a diverse
clinical portfolio of vaccines and therapeutics across seven
modalities, a broad intellectual property portfolio in areas
including mRNA and lipid nanoparticle formulation, and an
integrated manufacturing plant that allows for both clinical and
commercial production at scale. Moderna maintains alliances with a
broad range of domestic and overseas government and commercial
collaborators. Most recently, Moderna's capabilities have come
together to allow the authorized use and approval of one of the
earliest and most effective vaccines against the COVID-19 pandemic.
Moderna has been named a top biopharmaceutical employer
by Science for the past eight years. To learn more,
visit www.modernatx.com.
CytomX 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, including those related to
the future potential of partnerships or collaboration agreements.
Accordingly, you should not rely on any of these forward-looking
statements, including those relating to the potential benefits,
safety and efficacy or progress of CytomX’s or any of its
collaborative partners’ product candidates, including CX-2029,
BMS-986249, BMS-986288, pacmilimab, CX-904, CX-801,CX-2051, and
praluzatamab ravtansine, the potential benefits or applications of
CytomX’s Probody platform technology, CytomX’s ability to develop
and advance product candidates into and successfully complete
clinical trials, including the ongoing and planned clinical trials
of CX-2029, BMS-986249, BMS-986288, pacmilimab, CX-904, and
praluzatamab ravtansine, and the timing of the commencement of
clinical trials, initial and ongoing data availability,
investigational new drug applications and other development
milestones. Risks and uncertainties that contribute to the
uncertain nature of the forward-looking statements include: the
unproven nature of CytomX’s novel Probody Platform technology;
CytomX’s clinical trial product candidates are in the initial
stages of clinical development and its other product candidates are
currently in preclinical development, and the process by which
preclinical and clinical development could potentially lead to an
approved product is long and subject to significant risks and
uncertainties, including the risk that the COVID-19 worldwide
pandemic may continue to negatively impact the business, research
and clinical operations of CytomX or its partners, including the
development of preclinical drug candidates due to delays in and
disruption of research activities and the development of clinical
drug candidates due to delays in or disruption of clinical trials,
including impacts on the enrollment of patients in clinical trials
or other clinical trial disruptions; the possibility that the
results of preclinical research and early clinical trials may not
be predictive of future results; the possibility that CytomX’s
clinical trials will not be successful; the possibility that
current preclinical research may not result in additional product
candidates; CytomX’s dependence on the success of CX-2029,
BMS-986249, BMS-986288, pacmilimab, CX-904, CX-801, and CX-2051;
CytomX’s reliance on third parties for the manufacture of the
Company’s product candidates; and possible regulatory developments
in the United States and foreign countries. Additional
applicable risks and uncertainties include those relating to our
preclinical research and development, clinical development, and
other risks identified under the heading "Risk Factors" included in
CytomX’s Quarterly Report on Form 10-Q filed with
the SEC on November 8, 2022. 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.
Probody is a U.S. registered trademark of CytomX
Therapeutics, Inc.
Moderna Forward Looking
Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, including regarding: the agreement
between Moderna and CytomX to create investigational mRNA-based
conditionally activated therapies, the terms of that agreement, the
potential for encoding potent, masked biologics with mRNA, and the
potential for treatment of a wide range of diseases. The
forward-looking statements in this press release are neither
promises nor guarantees, and you should not place undue reliance on
these forward-looking statements because they involve known and
unknown risks, uncertainties, and other factors, many of which are
beyond Moderna's control and which could cause actual results to
differ materially from those expressed or implied by these
forward-looking statements. These risks, uncertainties, and other
factors include those other risks and uncertainties described under
the heading "Risk Factors" in Moderna's Annual Report on Form 10-K
for the fiscal year ended December 31, 2021 and Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2022, each filed
with the U.S. Securities and Exchange Commission (SEC), and in
subsequent filings made by Moderna with the SEC, which are
available on the SEC's website at www.sec.gov. Except as required
by law, Moderna disclaims any intention or responsibility for
updating or revising any forward-looking statements contained in
this press release in the event of new information, future
developments or otherwise. These forward-looking statements are
based on Moderna's current expectations and speak only as of the
date hereof.
CytomX Contacts:
Company Contact:Chris OgdenSenior Vice
PresidentHead of Finance and Investor Relations
cogden@cytomx.com(317) 767-4764
Investor and Media Relations:Stephanie
AscherStern Investor Relationsstephanie.ascher@sternir.com(212)
362-1200
Moderna Contacts:
Media:Mary Beth WoodinSenior Director, R&D
CommunicationsMaryBeth.Woodin@modernatx.com617-899-3991
Investors:Lavina TalukdarSenior Vice President
& Head of Investor RelationsLavina.Talukdar@modernatx.com
617-209-5834
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