CytomX, Alto raise cash to support clinical programs: Public Equity Report

CytomX Therapeutics Inc. (NASDAQ:CTMX) leveraged positive investor reaction to the latest data from its EpCAM ADC to raise $250 million in a follow-on offering. The deal priced Tuesday at $5.30 per share, a 21% discount to CytomX’s March 16 close of $6.75, the day the biotech announced new Phase I data from varsetatug masetecan (Varseta-M) showing a 32% ORR in colorectal cancer patients. The company closed the week at $4.45, bringing the stock back to roughly where it traded before the data were announced.

The biotech said the cash will support additional trials of Varseta-M, including a Phase Ib/II study in combination with chemotherapy that is due to start this year. Jefferies, Piper Sandler, Cantor, Barclays and Wedbush PacGrow are underwriters...