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Lawsuit filed for Investors in shares of CytomX Therapeutics, Inc. (NASDAQ: CTMX)

05-28-2020 11:32 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in CytomX Therapeutics, Inc. (NASDAQ: CTMX) shares.

A lawsuit was filed on behalf of investors in CytomX Therapeutics, Inc. (NASDAQ: CTMX) shares.

An investor, who purchased shares of CytomX Therapeutics, Inc. (NASDAQ: CTMX), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by CytomX Therapeutics, Inc..

Investors who purchased shares of CytomX Therapeutics, Inc. (NASDAQ: CTMX) have certain options and for certain investors are short and strict deadlines running. Deadline: July 20, 2020. NASDAQ: CTMX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francisco, CA based CytomX Therapeutics, Inc. operates as an oncology-focused biopharmaceutical company in the United States.
The Company develops a novel class of investigational antibody therapeutics based on its Probody technology platform for the treatment of cancer. CytomX's lead product candidates in the clinical stage include, among others, CX-072 and CX-2009.
CytomX Therapeutics, Inc has been evaluating CX-072 in its "PROCLAIM" series clinical program for several years. For example, the PROCLAIM-CX-072-001 clinical trial was designed to assess the tolerability and preliminary antitumor activity of multiple doses of CX-072 as a monotherapy or as a combination therapy with ipilimumab (which Bristol-Myers Squibb Company markets under the brand name Yervoy) or vemurafenib (which Roche markets under the brand name Zelboraf) in patients with advanced, unresectable solid tumors or lymphoma. CytomX Therapeutics, Inc also began conducting a Phase 2 clinical trial called PROCLAIM-CX-072-002, which was initiated in October 2019 and is an open-label, multi-center clinical trial evaluating CX-072 in combination with ipilimumab in patients with unresectable or metastatic melanoma.
Likewise, CystomX had been evaluating CX-2009 under its own "PROCLAIM" brand clinical program. This program includes the PROCLAIM-CX-2009-001 clinical trial, which is a Phase 1/2 trial evaluating the tolerability and preliminary antitumor activity of CX-2009 as a monotherapy, which CytomX initiated in June 2017. This clinical program also proceeded in multiple parts--Parts A and A2, which are monotherapy dose escalation studies; and Part B, which is a Phase 2 expansion study of CX-2009 monotherapy at 7 mg/kg administered every three weeks in up to 40 patients with hormone receptor (ER, PR) positive, HER2 negative breast cancer, which Defendants announced in December 2019 based on the tolerability and activity data from Part A and A2 of the study.
On May 13, 2020, CytomX Therapeutics, Inc made available abstracts for the Company's clinical presentations for CX-072 and CX-2009. Results from the PROCLAIM-CX-072 clinical program showed a response rate of 8.8%, compared to a response rate of 18.5% in patients receiving the combination of CX-072 and ipilimumab. Meanwhile, results from the PROCLAIM-CX-2009 clinical program showed "evidence" of clinical activity at doses at least 4 mg/kg 3x/week, but also suggested a significantly higher rate of serious or greater treatment-related toxicity to the eyes at dose equivalents at least 8 mg/kg 3x/week.

Shares of CytomX Therapeutics, Inc. (NASDAQ: CTMX) declined from $15.32 per share on May 12, 2020, to as low as $8.61 per share on May 15, 2020.

The plaintiff claims that between May 17, 2018, and May 13, 2020, the defendants failed to disclose to investors that CytomX had downplayed issues with CX-072's efficacy observed in the PROCLAIM-CX-072 clinical program, that CytomX had similarly downplayed issues with CX-2009's efficacy and safety observed in the PROCLAIM-CX-2009 clinical program, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of CytomX Therapeutics, Inc. (NASDAQ: CTMX) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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