CCCC News & Events

Shares of C4 Therapeutics (CCCC) are up 19%, or 70c, to $4.36 in midday trading after Bristol Myers (BMY) announced positive Phase 3 multiple myeloma data.

Reports Q1 revenue $6.15M, consensus $4.42M. "During the first quarter, we made strong progress advancing cemsidomide as a potential best-in-class IKZF1/3 degrader for the treatment of multiple myeloma, highlighted by the initiation of two new clinical trials and plans to begin an additional combination trial next year. We believe our clinical development path further supports the advancement of IKZF1/3 degradation - the only mechanism targeting a central transcriptional dependency in multiple myeloma - and will help position cemsidomide as a potentially foundational therapy for these patients with relapsed refractory disease," said Andrew Hirsch, president and chief executive officer of C4 Therapeutics. "In addition to these clinical advances, we also expanded our partnership with Roche through a new collaboration focused on degrader-antibody conjugates, broadening the reach of targeted protein degradation in cancer. Supported by a strong balance sheet through key value inflection points, we remain focused on advancing our portfolio to deliver the next generation of targeted protein degrader medicines to patients."

C4 Therapeutics (CCCC) announced that it has entered into a new collaboration agreement with Roche (RHHBY) to advance research in the emerging degrader-antibody conjugate modality. Working together, C4T and Roche will combine antibody-drug conjugation and targeted protein degradation to develop a new way to treat cancers that leverages both the specificity and catalytic efficiency of degraders with the delivery capabilities of ADCs. Under the joint research plan, C4T and Roche will collaborate on two programs to develop DACs against undisclosed oncology targets exclusive to the collaboration. C4T will use its proprietary TORPEDO platform to design degrader payload candidates. Roche will select and design the antibody as well as conjugate the antibody to the degrader payload. Roche will be responsible for advancing DAC candidates through preclinical and clinical development as well as commercialization. C4T will receive a $20M upfront payment for the two programs. Should Roche exercise its option for a third target, C4T will receive an additional payment. Across the collaboration, C4T will receive near-term discovery milestone payments. C4T is eligible to receive over $1B in discovery, regulatory and commercial milestone payments. In addition, C4T is entitled to tiered royalties on future sales, subject to reductions under certain circumstances as described in the collaboration agreement.

C4 Therapeutics announced that the first patient has been dosed with cemsidomide, an oral IKZF1/3 degrader, in a Phase 1b trial evaluating cemsidomide and dexamethasone in combination with elranatamab, an FDA-approved B-cell maturation antigen CD3 targeted bispecific antibody, for the treatment of relapsed/refractory multiple myeloma.