Shares of the biotechnology company Celldex Therapeutics Inc. (NASDAQ:CLDX) have fallen over 60% today after the company announced that its study in Metastatic Triple-negative Breast Cancer failed to reach the targeted endpoint.
The phase 2b study, which focused on “glembatumumab vedotin compared to Xeloda® (capecitabine) in patients with metastatic triple-negative breast cancers that overexpress gpNMB,” failed to meets its primary endpoint and its secondary endpoint did not show any significant advantage.
According to the company’s Co-Founder, CEO, and President, Anthony Marucci, “triple-negative breast cancer is a very difficult disease to treat, and [the company] [is] extremely disappointed for patients that the METRIC Study was not successful.”
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Based on the final results of the study, Celldex Therapeutics has decided to discontinue the glembatumumab vedotin program in order to focus on the five other clinical studies the company has in its pipeline.
The company will also evaluate its operational and workforce needs in order to stretch financial resources to other clinical stage studies.
The Celldex pipeline includes antibodies, antibody-drug conjugates, and other protein-based therapeutics, which are able to inhibit tumors and treat specific types of cancer, or other diseases.
Marucci thanked everyone who had participated in the study, including investigators, 327 patients, and their families.
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Celldex shares are currently sitting around 80 cents USD and have already reached a low of 79 cents, which is the lowest that the company has seen in several years.
The company’s share value closed at $2.15 on Friday and reached a high of $2.25.
Currently, Celldex has gone down approximately 62% and seems as if it will hover around the -60% mark for the rest of the day.
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