Cytomx
I don't often invest in Biotech companies primarily focused on oncology. I've been building a descent sized position in Cytomx as I find the enterprise value extremely low given the pretty significant upside. They are early stage in that they only have 2 programs in the clinic with no public data yet. What they do have is a very interesting approach in developing monoclonal antibodies that they think will result in less off-target effect and expand the therapeutic window and in some cases open one where none exists. They call their monoclonal antibodies probodies as they act as prodrug form of monoclonal antibodies activated only when they reach the tumor environment. They do this by attaching a short peptide they refer to as a MASK that is connect by a LINKER which can be cleaved by proteases that are encountered only in the tumor environment.
Thanks to some nice up-front payments they are well capitalized with about $10 a share in cash (362M as of Q1 including the $200 million from the latest BMY deal) and they expect to end the year with 285-305M so current burn is about $20m/quarter burn.
While partnerships are no guarantee of success in a short period of time they have partnered with Pfizer, Bristol Myers (twice), Abbvie and lesser deals with Immunogen (toxin technology for CD166 in exchange for probody technology for 2 targets) and MD Anderson (CAR and NK cells). In addition to bio-bucks milestones they receive royalties in high single to low double digits. A notable exception is the probody targeting CX-2029, targeting CD-71 (partnered with Abbvie), where Cytomx is entitled to a 35% profit share in the US and royalties x-US.
The two assets in the clinic are CX-072 a wholly owned PDL1 and CX2-2009 targeting CD166 also with completely rights belonging to the company. Many partnered and unpartnered assets should be entering the clinic in the 2017/18 time frame including CTLA-4 (BMS partnered), CX-188 (whole owned PD1) and CX-2029 (CD-71 partnered with Abbvie).
Targeting CD-166 and CD-71 are especially novel as they are thought to be undruggable because of the expression in healthy tissue. They are also working on bi-specific probodies which the company believes can be dosed at levels 30x high than antibodies.
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