Celldex Therapeutics skin cancer drug meets goal in midstage study, shares slip on results

Celldex says skin cancer drug meets study goal

NEW YORK — Drug developer Celldex Therapeutics Inc. said Monday its potential advanced skin cancer treatment met key midstage study goals.

The drug candidate, CDX-011, prompted an overall response rate of 15 percent in the 34-patient study. The drug was administered at a “predefined dose” once every three weeks. The company said the results warrant further development of the drug.

Meanwhile, the Needham, Mass., company said a more frequent dosing schedule of weekly or twice every three weeks yielded 20 percent and 33 percent response rates, respectively.

The results were reported at the annual meeting of the American Society of Clinical Oncologists in Chicago.

At the same meeting Bristol-Myers Squibb Co. said its drug ipilimumab prompted a 24 percent survival rate in advanced skin cancer patients after two years. Both drugs would be likely competitors if approved.

The results sent shares of Celldex lower in midday trading. The stock slipped 93 cents, or 14 percent, to $5.63. It has traded between $4.16 and $11.82 over the last 52 weeks.