SAN DIEGO & SAN FRANCISCO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of CytomX Therapeutics, Inc. (NASDAQ: CTMX) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between May 17, 2018 and May 13, 2020. CytomX is an oncology-focused biopharmaceutical company in the United States. CytomX's lead product candidates in the clinical stage include CX-072 and CX-2009.
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CytomX Therapeutics, Inc. (CTMX) Accused of Misleading Shareholders
According to the complaint, CytomX has been evaluating CX-072 and CX-2009 in its "PROCLAIM" series clinical program to determine their tolerability and preliminary antitumor activity as monotherapies. On May 17, 2018, CytomX issued a press release announcing the preliminary clinical results of CX-072 from the PROCLAIM program, touting that "[t]he preliminary data in these abstracts are encouraging as [CytomX] observ[ed] initial signs of antitumor activity for CX-072." As the relevant period progressed, CytomX continued to tout CX-072 as a cancer therapy and CX-2009's tolerability while downplaying issues with both drugs' efficacy and safety. On May 13, 2020, CytomX made abstracts available from its clinical presentations for CX-072 and CX-2009, revealing disappointing results. The program demonstrated a response rate of 8.8% for CX-072 compared to 18.5% when in combination with another drug, and with regard to CX-2009, suggested a significantly higher rate of serious or greater treatment-related toxicity to the eyes at doses at least 8mg/kg 3x/week. On this news, CytomX's stock declined 36%, closing at $9.23 per share. The stock continues to decline.
If you purchased CytomX Therapeutics, Inc. (CTMX) securities between May 17, 2018 and May 13, 2020, you have until July 20, 2020, to ask the court to be appointed lead plaintiff for the class.
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