CytomX Therapeutics, a biotechnology company focused on the development of proteolytically-activated antibodies, today announced it has completed a $30 million Series B financing. Third Rock Ventures led the round, with participation from the Roche Venture Fund. Proceeds from the financing will be used to advance the company's unique antibody platform, expand the team and move the company to the Bay Area by the end of 2010.
“Using proprietary drug discovery technologies, CytomX has taken a novel approach to the discovery and development of innovative proteolytically-activated therapies. By focusing on antibodies that are validated as successful biologics, we anticipate rapid introduction of a new class of optimally designed antibody therapies which will help address critical medical needs.”
In conjunction with the financing, Neil Exter and Charles Homcy, M.D., from Third Rock Ventures will join the company's board of directors.
"We are pleased to welcome new investors Third Rock Ventures and the Roche Venture Fund, as well as Neil and Charles to our board of directors," said Nancy Stagliano, Ph.D., chief executive officer, CytomX. "This financing is a validation of our unique Probodies platform. We look forward to an exciting year for CytomX as we prosecute our lead programs, strengthen our technology and prepare for a move to the Bay Area."
"Advances in our understanding of cancer, inflammatory diseases and other illnesses have identified new opportunities for advanced antibody technologies," said Charles Homcy, M.D., venture partner, Third Rock Ventures. "CytomX's ability to develop proteolytically-activated antibodies should generate site-directed therapies, increasing efficacy and decreasing toxicity."
"There exists a significant opportunity for the next generation of antibody development strategies," said Fred Gluck, chairman of the board, CytomX. "Using proprietary drug discovery technologies, CytomX has taken a novel approach to the discovery and development of innovative proteolytically-activated therapies. By focusing on antibodies that are validated as successful biologics, we anticipate rapid introduction of a new class of optimally designed antibody therapies which will help address critical medical needs."
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