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Celldex’s triple-negative breast cancer drug fails in clinical trial; shares plummet

Monday, April 16, 2018 9:17
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Celldex Therapeutics Inc (NASDAQ:CLDX)  is disappointing both its investors and breast cancer patients with the news that the phase 2b trial for its treatment of triple-negative breast cancer has failed.

Shares in Celldex shed 63.7% to trade at $0.78 in early afternoon trade Monday after the company, which is based in Hampton, New Jersey, reported that its drug candidate — glembatumumab vedotin — which was taken by patients with metastatic triple-negative breast cancer — did not prolong lives in its phase 2b clinical trial. The company also said that there is no advantage for glembatumumab vedotin in key secondary endpoints.

In the wake of this news, the company plans to discontinue this drug and it is shaking up its pipeline, which consists of five drug candidates that are involved in ongoing clinical studies.

“Triple-negative breat cancer is a very difficult disease to treat, and we are extremely disappointed for patients that the METRIC study was not successful,” said Anthony Marucci, the co-founder and chief executive of Celldex. “In line with this, we are evaluating our operational and workforce needs to extend our financial resources and direct them to continued pipeline advancement. Once we solidify these plans, we intend to update investors.”

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