CytomX Therapeutics Announces Pricing of Public Offering of Common Stock
July 12 2018 - 7:50PM
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 pricing of an
underwritten public offering of 5,102,041 shares of its common
stock at a price to the public of $24.50 per share, for gross
proceeds of $125 million, before deducting underwriting discounts
and commissions and estimated offering expenses payable by CytomX.
All of the shares to be sold in the offering will be offered by
CytomX. In addition, CytomX has granted the underwriters of the
offering a 30-day option to purchase up to an additional 765,306
shares of common stock at the public offering price, less
underwriting discounts and commissions.
CytomX currently expects to use the net proceeds
from this offering to further develop its proprietary Probody
therapeutic pipeline and to advance additional programs. In
particular, CytomX expects to use the net proceeds, together with
existing cash resources, to fund (i) the advancement and expansion
of the clinical development program for its lead product candidate,
CX-072, including monotherapy cohort expansion studies in multiple
indications and additional combination studies and, if such studies
are successful, registration studies; (ii) the advancement of
additional clinical programs, including Probody Drug Conjugates
CX-2009 and CX-2029, and the advancement of pre-clinical candidates
into IND-enabling studies and clinical trials; (iii) further
research and development activities, including related to T-cell
engaging bispecific Probodies; and (iv) for general corporate
purposes.
The offering is expected to close on or about July
17, 2018, subject to satisfaction of customary closing
conditions.
Goldman Sachs & Co. LLC, Citigroup and Barclays
are acting as joint bookrunning managers for the offering.
The securities are being offered pursuant to a
registration statement that was filed with the Securities and
Exchange Commission (“SEC”) on November 3, 2016, and was declared
effective on December 7, 2016. A preliminary prospectus supplement
relating to and describing the terms of the offering was filed with
the SEC on July 10, 2018 and is available on the SEC’s website at
www.sec.gov. Copies of the preliminary prospectus supplement and
the accompanying prospectus relating to these securities may also
be obtained for free from: Goldman Sachs & Co. LLC, Attention:
Prospectus Department, 200 West Street, New York, NY 10282, by
email at prospectus-ny@ny.email.gs.com, or by phone at (866)
471-2526; Citigroup, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717. or by phone at (800) 831-9146;
and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717, by email at
barclaysprospectus@broadridge.com, or by phone at (888)
603-5847.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale of, these securities in any state or jurisdiction in which
such offer, solicitation, or sale would be unlawful prior to
registration or qualification of these securities under the
securities laws of any such state or jurisdiction.
About CytomX TherapeuticsCytomX
Therapeutics is a clinical-stage oncology-focused biopharmaceutical
company pioneering a novel class of investigational antibody
therapeutics based on its Probody therapeutic technology platform.
Probody therapeutics are designed to exploit unique conditions of
the tumor microenvironment to more effectively localize antibody
binding and activity while limiting activity in healthy tissues.
CytomX has four clinical-stage programs from a pipeline that
includes cancer immunotherapies against clinically-validated
targets, such as CX-072, a PD-L1-targeting Probody therapeutic
wholly-owned by CytomX, BMS-986249, a CTLA-4-targeting Probody
therapeutic partnered with Bristol-Myers Squibb and CX-188, a
PD-1-targeting Probody therapeutic wholly-owned by CytomX.
CytomX is also developing first-in-class Probody drug conjugates
against high potential targets, including CX-2009, a
CD166-targeting Probody drug conjugate wholly-owned by CytomX, and
CX-2029, a CD71-targeting Probody drug conjugate partnered with
AbbVie, which are considered to be inaccessible to conventional
antibody drug conjugates due to their presence on healthy tissue.
In addition, CytomX has an EGFR-CD3 T-cell bispecific partnered
with Amgen in lead optimization stage as well as additional Probody
drug conjugates, immune-oncology and T-Cell engaging bispecific
Probody programs in early development. CytomX’s portfolio includes
wholly owned programs and strategic collaborations with AbbVie,
Amgen, Bristol-Myers Squibb Company, and ImmunoGen, Inc.
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, including statements regarding
the timing and use of proceeds and whether the offering described
in this press release will be completed. Additional applicable
risks and uncertainties include those identified in CytomX’s
prospectus supplement filed with the SEC on July 10, 2018,
including the documents incorporated by reference therein, which
include CytomX’s current and future reports filed with the SEC,
including its Quarterly Report on Form 10-Q filed with the SEC on
May 9, 2018. 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.
Contact:
Investors and Media: Christopher Keenan VP, Investor Relations
and Corporate Communications ckeenan@cytomx.com 650-383-0823
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