Celldex Therapeutics, Inc. (NASDAQ:CLDX) has presented results from the phase-2 study of glembatumumab vedotin for the treatment of stage 3-4 of metastatic melanoma. The drug is a monoclonal antibody-drug conjugate, which targets an over-expressed marker, glycoprotein NMB, in melanoma patients. The company presented the results at the ESMO 2016 Congress, on October 9, held in Copenhagen, Denmark. A total of 62 patients had been enrolled in the study, out of which 7 demonstrated confirmed response. Moreover, another 3 patients demonstrated single time-point responses.
The CMO Celldex, Thomas Davis, stated that it was evident from the results that metastatic melanoma is a targeted indication for the drug. He further stated that they were encouraged by the results seen to date and they intend to leverage the immune system, with the help of combination therapy, as the next step for the indication. The company noted that 53% of the patients demonstrated stable disease within the first 6-weeks. Moreover, 52% of the enrolled patients observed tumor shrinkage as well.
The news had helped Celldex remain stable, in the stock market, but it was short lived, as the stock once again plunged, during yesterday’s session. Earlier, Mr. Davis had participated in a fireside chat, at the Leerink Partners Rare Disease & Immuno-Oncology Roundtable, on September 29, 2016. He was also accompanied by CLDX CEO, Anthony Marucci. Following the presentation, the stock slowly gained ground, before spiking on October 3, adding almost $0.5 to its share value.
One of the red flags around CLDX is the fact that it is irregular with its business updates. Prior to attending the conference, the company had issued its last press-release on August 11, announcing the appointment of Elizabeth Crowley, as the new Chief Product Development Officer. Mrs. Crowley has been a Senior VP at the company for quite some time now and had previously been associated with product development as well. Her area of expertise mostly includes drug development programs, which is invaluable for the company at this stage.
Celldex Therapeutics, Inc. (NASDAQ:CLDX) lost 8.96% of its share value, during the October 11 trading session, to close at $3.86 per share.
