Celldex Therapeutics reported that the company's randomized, Phase 2b METRIC Study of glembatumumab vedotin compared to Xeloda in patients with metastatic triple-negative breast cancers that overexpress gpNMB failed to meet its primary endpoint, progression-free survival, or PFS, as assessed by an independent, central reading of patient scans. 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, co-founder, president and CEO of Celldex Therapeutics 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 to extend our financial resources and direct them to continued pipeline advancement. Once we solidify these plans, we intend to update investors." Celldex believes its pipeline prioritization and organizational restructuring efforts will extend financial resources beyond the guidance issued in the company's year-end 2017 earnings press release and associated filings. The company plans to provide revised guidance in its first quarter 2018 financial results in early May.
