CytomX Announces Third Target Selection by BMS
CytomX Therapeutics, Inc., a biopharmaceutical company developing investigational Probody™ therapeutics for the treatment of cancer, has announced the selection of a third target by Bristol-Myers Squibb in accordance with the companies’ strategic oncology collaboration established in May 2014, triggering a $10 million milestone payment.
“Our collaboration with Bristol-Myers Squibb has progressed very well and we are pleased to expand our collaborative work to a third target,” said Sean McCarthy, D.Phil., President and Chief Executive Officer of CytomX. “We look forward to continuing to work closely with the BMS team to advance product candidates into development.”
Investigational therapeutics developed with CytomX's Probody platform are designed to be active in the tumor while sparing healthy tissue. By restricting activity to the tumor microenvironment, investigational Probody therapeutics directed against both validated and novel targets have been shown preclinically to enable anti-tumor efficacy with an enhanced safety window, relative to traditional antibody-based therapies.