Bristol-Myers Squibb extends anti-cancer project with startup firm
The announcement means the 2014 Probody research will now be studied under eight new conditions, since testing on the original four has been satisfied, according to a Bristol-Myers Squibb press release.
“CytomX’s Probody platform has enhanced our discovery research as we seek to direct the therapeutic effects of immunotherapy in a more targeted approach against tumors,” Carl Decicco, head of discovery for Bristol-Myers Squibb, said in the release. “We look forward to working more extensively with CytomX on this innovative and potentially disruptive approach in oncology as well as other disease areas.”
Sean McCarthy, president and CEO of CytomX, hailed the continued partnership as a boon to the firm’s future.
Under the deal, Bristol-Myers Squibb will pay CytomX $200 million at the outset, with options to earn $448 million once research goals are met.
“This expanded collaboration with Bristol-Myers Squibb gives CytomX the opportunity to further the reach of our potentially transformational Probody technology and provides us with additional financial and strategic flexibility to build our company,” McCarthy said in the release.
Organizations in this story
Bristol-Myers Squibb 345 Park Ave NY, NY 10154
CytomX Therapeutics 151 Oyster Point Boulevard South San Francisco, CA 94080