Celldex' admission of defeat sends shares spiraling down

17 April 2018

Shares in US biotech Celldex Therapeutics (Nasdaq: CLDX) closed 65% down on Monday at $0.76 after the company announced that it was to discontinue its glembatumumab vedotin program across all indications.

This announcement came after the randomized, Phase IIb METRIC study of glembatumumab vedotin compared to Roche’s (ROG: SIX) Xeloda (capecitabine), in patients with metastatic triple-negative breast cancers that over-express gpNMB, failed to meet its primary endpoint.

"We are evaluating our operational and workforce needs to extend our financial resources"

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