Celldex to end development of antibody-drug conjugate glembatumumab vedotin; shares plunge

Shares in Celldex Therapeutics plunged up to 40 percent Monday after the company announced that it will end development of glembatumumab vedotin across all indications after the antibody-drug conjugate failed a Phase IIb study in breast cancer. CEO Anthony Marucci said that Celldex is "prioritising our pipeline," whilst also "evaluating our operational and workforce needs."  

The METRIC trial investigated glembatumumab vedotin compared to Roche's Xeloda (capecitabine) in patients with metastatic triple-negative breast cancers that overexpress gpNMB. The study failed to meet its primary endpoint of progression-free survival, which was 2.9 months for glembatumumab vedotin versus 2.8 months for Xeloda. 

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In addition, according to the drugmaker, no benefit in favour of glembatumumab vedotin was identified for key secondary endpoints including overall response rate, duration of response and overall survival. Celldex further noted that the safety profile of the therapy was in line with previous findings. 

Celldex stated that its pipeline prioritisation and organisational restructuring efforts will extend financial resources beyond guidance at the end of last year, adding that it will release revised guidance with its first-quarter earnings next month. 

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