CytomX falls as Abbvie terminates collaboration deal, loss widens

CytomX Therapeutics

28/03/2023 10:51

** Shares of cancer-focused drug developer CytomX Therapeutics  CTMX.O  fall
12.8% to $1.56 before the bell    
    ** CytomX says on March 21, AbbVie  ABBV.N  notified the company it would
not advance its cancer therapy candidate CX-2029 into additional clinical
studies and provided notice of termination of their collaboration agreement    
    ** CTMX has an exclusive option to re-acquire full rights to CX-2029 and
will evaluate potential next steps
    ** Late on Monday, co also posted 2022 revenue of $53.2 million, up from
$37.3 million last year, but below analysts' estimate of $69.5 million
    ** Co reported a loss of $1.51 per share vs estimate of loss of $1.32 per
share - Refinitiv data
    ** The stock fell 63.1% in 2022

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))