Shares of Medarex slipped seven percent this morning as investors digested Friday's announcement that its application for a new cancer drug will be delayed into 2009. The developer says that the FDA wants more data on ipilimumab, which is in late-stage trials. Bristol-Myers Squibb is partnered on the therapy, which is being investigated as a new treatment for metastatic melanoma. The agency is looking for more data on overall survival rates. That left the analysts scrambling to calculate the revenue the company will lose as a result of the delay. Medarex shares have lost more than half of their value since last summer.
- see Medarex's release [1]
- read the AP report [2]
Related Articles:
Medarex shares dive after a cancer trial failure [3]
BMS misses a beat in cancer comeback [4]
Medarex shares rise on takeover speculation [5]
Links:
[1] http://www.fiercebiotech.com/press-releases/bristol-myers-squibb-company-medarex-cancer-drug-hits-delay
[2] http://money.cnn.com/news/newsfeeds/articles/apwire/76502fd57a72f2eba4a454cd451fe285.htm
[3] http://www.fiercebiotech.com/story/medarex-shares-dive-after-cancer-trial-failure/2007-12-11
[4] http://www.fiercebiotech.com/story/bms-misses-beat-cancer-comeback/2007-10-26
[5] http://www.fiercebiotech.com/story/medarex-shares-rise-on-takeover-speculation/2006-05-16