Celldex Therapeutics, Inc. (NASDAQ:CLDX) has contributed to medical science field in a number of ways over the last many years, but things have changed now. Reports claim that it has stopped Phase III trials of Rintega brain tumor vaccine after failing to achieve desired results.
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With this announcement, the company clarified that years of hard work, experiments and hopes of thousands of cancer patients went up in smoke. Those who thought that Celldex’s new treatment could cure their diseases would now have to find alternative options.
As soon as Celldex announced this update on Monday, its shares plunged 53.72%. Although the failure has affected the company in the stock market, it’s not worried about market performance in the long run. A report claims that there are many other medicines in the pipeline, which will help Celldex reacquire its market share. The important point is that none of these drugs belong to cancer treatments, which can be a setback for those patients who had high hopes from Celldex.
Various research studies on therapeutic cancer vaccines have been going on for many decades, yet scientists haven’t found any significant success until now. Before Celldex, only Dendreon managed to take its cancer drug – Provenge to U.S. market. Although FDA approved Provenge in the year 2010 amid high popularity, Dendreon couldn’t live up to buyers’ expectations and went bankrupt in 2014.
Many other companies like Dendreon tried to make a mark in this field, but couldn’t do so due to various reasons. Celldex, with the kind of experience and resources it had, was probably the biggest company that had ever come this close to finding a permanent solution to the brain tumor. The senior management team of the company is disappointed to announce this update. It will be great to see how it handles this failure and forge ahead.