According to the Complaint, CytomX Therapeutics, Inc. operates as an oncology-focused biopharmaceutical company in the U.S. The Company 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 stage include, among others, CX-072, a Probody therapeutic targeting programmed cell death ligand 1 immuno-oncology target; and CX-2009, a Probody drug conjugate (PDC) against CD166 novel drug target.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about CytomX’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors 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, the Company’s public statements were materially false and misleading at all relevant times.

On November 18, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff voluntarily dismissed this case on January 13, 2021.