CytomX Therapeutics, Inc. Class Action Lawsuit
- Company Name
- CytomX Therapeutics, Inc.
- Stock Symbol
- Class Period
- May 17, 2018 to May 13, 2020
- Northern District of California
The CytomX Therapeutics, Inc. class action lawsuit charges CytomX and certain of its current and former officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of CytomX securities between May 17, 2018 and May 13, 2020 (the “Class Period”). The CytomX class action lawsuit was commenced on May 21, 2020 in the Northern District of California and is captioned Knight v. CytomX Therapeutics, Inc., No. 20-cv-03432.
CytomX operates as an oncology-focused biopharmaceutical company that develops a novel class of investigational antibody therapeutics based on its Probody technology platform for the treatment of cancer. CytomX’s lead product candidates in the clinical-trial stage include, among others, CX-072 and CX-2009, which were being evaluated in CytomX’s “PROCLAIM” series clinical program to assess their tolerability and preliminary antitumor activity.
The CytomX class action lawsuit alleges that defendants made false and misleading statements and/or failed to disclose that: (i) CytomX had downplayed issues with CX-072’s efficacy observed in the PROCLAIM-CX-072 clinical program; (ii) CytomX had similarly downplayed issues with CX-2009’s efficacy and safety observed in the PROCLAIM-CX-2009 clinical program; and (iii) as a result, CytomX’s public statements were materially false and misleading at all relevant times.
On June 4, 2018, CytomX issued a press release announcing preliminary clinical results from two arms of the PROCLAIM-CX-072-001 clinical program regarding trials of CX-072 alone and CX-072 in combination with ipilimumab. Preliminary results from these study arms showed a 15% response rate and 55% disease control rate for CX-072 alone, and a 25% response rate and 33% disease control rate for CX-072 in combination with ipilimumab. Following the release of this data, CytomX’s stock price fell more than 16%.
Then, on October 22, 2018, CytomX issued a press release announcing further clinical results from the same two arms of the PROCLAIM-CX-072-001 clinical trial. The results showed an 8% response rate and 47% disease control rate for CX-072 alone, and a 21% response rate and 43% disease control rate for CX-072 in combination with ipilimumab. On this news, CytomX’s stock price fell more than 3%.
Finally, on May 13, 2020, CytomX made available abstracts for CytomX’s clinical presentations for CX-072 and CX-2009. Results from the PROCLAIM-CX-072 clinical program showed a response rate of 8.8%, compared to a response rate of 18.5% in patients receiving the combination of CX-072 and ipilimumab. Meanwhile, results from the PROCLAIM-CX-2009 clinical program showed “evidence” of clinical activity at doses at least 4mg/kg 3x/week, but also suggested a significantly higher rate of serious or greater treatment-related toxicity to the eyes at dose equivalents of at least 8 mg/kg 3x/week. Following the release of the foregoing data, CytomX’s stock price fell more than 36%.
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