Celldex Therapeutics Jumps 25% Amid Brain Cancer Study

Celldex Therapeutics, Inc. CLDX gained sharply Monday on news released late last week a small trial of its brain cancer drug showed preliminary gains in survival rates.

Celldex traded recently at $17.82, up more than 25.8 percent.

"This is a major event for our field" if interim results prove sustainable, said John de Groot, a medical professor at University of Texas who is working for Celldex on the study.

Celldex's drug, called rindopepimut, halted cancer progression in nine out of 33 patients treated in the trial, while four out of 35 patients in control group were in a similar condition after six months.

The drug is for treatment of glioblastoma multiforme, a common and deadly form of brain cancer that often recurs after surgical removal. The exploratory study covers 72 patients.

Celldex Chief Medical Officer Thomas Andrew Davis said that if "final numbers" are similar when the trial concludes within six months, "they would justify a conversation with the regulators" about a path toward obtaining rapid marketing clearance.