CytomX rises after $35 mln licensing deal with Moderna

CytomX Therapeutics

06/01/2023 15:56

** Shares of CytomX Therapeutics Inc  CTMX.O  surge as much
as 66% to hit $2.98
    ** On Thursday, the drug developer announced a licensing
deal with Moderna Inc  MRNA.O  to develop certain
investigational messenger RNA-based therapies, sending CTMX
shares about 62% up after the bell
    ** CTMX to receive $35 mln upfront payment and will be
eligible for future milestone payments of up to about $1.2 bln 
    ** Co also eligible for tiered royalties from MRNA on global
sales of any products commercialized under the agreement
    ** Deal provides MRNA with option to participate in a future
equity financing by CytomX
    ** Deal highlights the importance of CytomX's masking 
technology which is a key pillar to the potential success of 
co's pipeline of probody therapeutics - brokerage H.C.
Wainwright & Co
    ** Stock declined 63% in 2022
 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))