Celldex To Discontinue Glembatumumab Vedotin Program Across All Indications

(RTTNews) - Celldex Therapeutics, Inc. (CLDX) reported that the company's randomized, Phase 2b METRIC Study of glembatumumab vedotin compared to Xeloda (capecitabine) in patients with metastatic triple-negative breast cancers that overexpress gpNMB failed to meet its primary endpoint, progression-free survival. The company said there was no significant advantage for glembatumumab vedotin in key secondary endpoints, including overall response rate, duration of response and overall survival. The glembatumumab vedotin safety profile was consistent with prior experience.

Anthony Marucci, CEO of Celldex, said. "Based on these results, we have also made the decision to discontinue the glembatumumab vedotin program across all indications and are currently prioritizing our pipeline, which includes five candidates in ongoing clinical studies. In line with this, we are evaluating our operational and workforce needs. Once we solidify these plans, we intend to update investors."

Celldex said the company believes its pipeline prioritization and organizational restructuring efforts will extend financial resources beyond the guidance issued during the year-end 2017 earnings press release. The company plans to provide revised guidance in its first quarter 2018 financial results.