CytomX Therapeutics, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired CytomX Therapeutics, Inc. (“CytomX” or the “Company”) (NASDAQ: CTMX) securities during the period from May 17, 2018 through May 13, 2020. Investors have until July 20, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) CytomX had downplayed issues with CX-072’s efficacy observed in the PROCLAIM-CX-072 clinical program; and (ii) CytomX had similarly downplayed issues with CX-2009’s efficacy and safety observed in the PROCLAIM-CX-2009 clinical program.
On May 13, 2020, CytomX made available abstracts for the Company’s clinical presentations for its lead product candidates, CX-072 and CX-2009. Results from the PROCLAIMCX-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 Bristol-Myers Squibb’s ipilimumab. Meanwhile, results from the PROCLAIM-CX-2009 clinical program showed evidence of clinical activity at doses of at least 4 mg/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. On this news, CytomX shares fell $5.21, or 36.1%, to close at $9.23 per share on May 14, 2020.
If you acquired CytomX securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.