CytomX Therapeutics Named a 2013 "Fierce 15" Biotech Company by FierceBiotech
SOUTH SAN FRANCISCO, Calif. -- Sep. 24, 2013
CytomX Therapeutics, the Probody™ therapeutics company, today announced that the company has been named by FierceBiotech as one of 2013's Fierce 15 biotechs, designating it as one of the most promising private biotechnology companies in the industry. This is FierceBiotech's eleventh annual Fierce 15 selection.
"CytomX has dubbed their disease-activated antibodies Probodies, and a picky Pfizer has helped shine a light on their work with a $635 million pact," says John Carroll, editor of FierceBiotech. "Its Probody Platform has considerable potential in oncology, which is being inspected by more potential partners. And its trio of venture backers – Roche Ventures, Third Rock and more recently Canaan – suggests ample backing for the work ahead."
CytomX's novel Probody Platform is enabling the development of a diversified pipeline of next-generation antibody therapeutics selectively targeting diseased tissues, including Probodies, Probody-Drug Conjugates (PDCs), bispecifics and other formats, to address previously undruggable targets in cancer, inflammation and other areas of significant unmet medical need. In June 2013, CytomX announced a global, strategic, multi-target collaboration with Pfizer Inc. to develop and commercialize PDCs in oncology. Under the terms of the agreement, CytomX is eligible to receive up-front and preclinical milestone payments totaling approximately $25 million and approximately $610 million in regulatory and sales milestone payments, as well as tiered royalties reaching double digits on potential future sales.
"We are honored to join this prestigious group of innovative companies as part of the Fierce 15 class of 2013," said Sean McCarthy, D. Phil., chief executive officer of CytomX. "Our Probody Platform represents a disruptive approach to discovering and developing the next generation of antibody therapeutics, and this has been a year of significant progress and growth for the company. With our world-class team, strong investor support and breakthrough approach, we are continuing to move rapidly toward the clinic and are well-positioned to achieve our vision of transforming lives with safer, more effective therapies."
The Fierce 15 celebrates the spirit of being "fierce" – championing innovation and creativity, even in the face of intense competition. A complete list of "Fierce 15" companies is available online at FierceBiotech.com.
About FierceBiotech
An internationally recognized daily newsletter reaching more than 100,000 biotech and pharma industry professionals, FierceBiotech provides subscribers with an authoritative analysis of the day's top stories. Every year FierceBiotech evaluates hundreds of private companies from around the world for its annual Fierce 15 list, which is based on a variety of factors such as the strength of its technology, partnerships, venture backers and a competitive market position.
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About CytomX
CytomX Therapeutics, the Probody™ therapeutics company, is dedicated to transforming lives with safer, more effective therapies. CytomX's Probody Platform represents a disruptive approach to discovering and developing the next generation of antibody therapeutics and is enabling the development of a diversified pipeline in major unmet medical needs including cancer and inflammation. Probodies are masked antibodies that remain inert in healthy tissue but are activated specifically in the disease microenvironment. This breakthrough selectivity allows CytomX to drug previously undruggable antibody targets, unlock new therapeutic targets for antibody-drug conjugates (ADCs), and focus activity in the tumor microenvironment, thereby redefining the landscape for therapeutic antibodies. CytomX is led by a seasoned and proven management team and is financed by leading life science investors including Third Rock Ventures, Canaan Partners and the Roche Venture Fund. For more information, please visit www.cytomx.com.