Biotech Values

[DewDiligence]

CTMX +61%/AH on MRNA collaboration—$35M up-front cash:

https://www.globenewswire.com/news-release/2023/01/05/2584104/37704/en/CytomX-and-Moderna-Announce-Strategic-Research-Collaboration-for-mRNA-Based-Conditionally-Activated-Therapeutics.html

CytomX Therapeutics, Inc…and Moderna…today announced a collaboration and licensing agreement to create investigational mRNA-based conditionally activated therapies utilizing Moderna’s mRNA technologies and CytomX’s Probody therapeutic platform.

… Under the terms of the agreement, CytomX will receive an upfront payment of $35 million, including $5 million of pre-paid research funding. CytomX will continue to receive research funding and is eligible to receive up to approximately $1.2 billion in future development, regulatory, and commercial milestone payments. CytomX is also eligible to receive tiered royalties on global net sales of any products that are commercialized under the agreement.

Moderna and CytomX will collaborate on discovery and pre-clinical development and Moderna will lead clinical development and commercialization of therapeutics resulting from the agreement. The agreement additionally provides Moderna with an option to participate in a future equity financing by CytomX subject to certain terms, conditions and regulatory requirements.

CMTX has inked collaborations with a number of large drug/biotech companies, but hasn’t yet established proof of concept for its Probody platform, as far as I know.