
Shares in Celldex halve in value as it discontinues trial of brain cancer drug
pharmafile | March 8, 2016 | News story | Manufacturing and Production, Research and Development |ย ย Cancer, Celldex, researchย
Shares in Celldex Therapeutics (Nasdaq: CLDX) more than halved in value on the Nasdaq Monday as the company said independent regulators have recommended the discontinuation of late-stage trial of its brain cancer drug following disappointing study results.
Shares in the company closed at $3.79, down nearly 54% on the Nasdaq Monday.
The company said it received the data for its Rintega (rindopepimut) on Friday, March 4, and is in the process of reviewing the results.
Anthony Marucci, chief executive of Celldex Therapeutics, said, “We are extremely disappointed for patients that the ACT IV study was not successful. On behalf of Celldex, I want to express our gratitude to the ACT IV investigators, patients and families who participated in this trial. While this is certainly not the desired outcome, we remain steadfast believers in the power of immunotherapy to transform the future of cancer treatment.”
Celldex currently has seven company-led clinical trials across five product candidates ongoing. The company expects to report data from a number of these studies over the next three to 18 months, including a registration study in triple negative breast cancer and a number of Phase I and II cancer immunotherapy combination trials.
Anjali Shukla
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