CytomX shares plummet 28% on phase 2 study of breast cancer antibody praluzatamab

BlackSalmon

• CytomX Therapeutics (NASDAQ:CTMX) shares plummeted 28% in after-hours trading on Wednesday after the company released phase 2 trial results of its antibody praluzatamab ravtansine in breast cancer.
• CTMX said the study met the primary endpoint of objective response rate of greater than 10% in HR+/HER2-non-amplified breast cancer.
• However, in arm B of the study, the objective response rate was less than 10% in patients with advanced triple-negative breast cancer.
• Subsequently, CTMX said enrollment in arms B and C of the study will be discontinued.
• The study showed a clinical benefit rate of 40% and the patients showed a median progression-free survival of 2.6 months.
• CTMX CEO Sean McCarthy also said that the company does not plan to further advance the praluzatamab ravtansine program alone due to current market conditions and will seek a partner.
• CTMX stock earlier closed +1.6% at $1.97.

Comments

[david17]

Nothing ever worked from this company .

[dom_biotech]

This company really is the biggest sh*tshow in biotech. What a disgrace