- CytomX Therapeutics ( NASDAQ: CTMX ) on Wednesday announced strategic actions that are expected to extend the company's cash runway into 2025, including a reduction in its workforce by about 40%.
- CTMX said it would focus its internal efforts on its wholly-owned therapies, including the support of two investigational new drug applications planned for 2023.
- CytomX ( CTMX ) also said that it remains committed to its current alliances with AbbVie ( ABBV ), Amgen ( AMGN ), Astellas ( OTCPK:ALPMY ) ( OTCPK:ALPMF ) and Bristol-Myers Squibb ( BMY ).
- CTMX stock earlier closed +1.6% at $1.30.
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CytomX Therapeutics to cut workforce by about 40%