Medarex shares dive after a cancer trial failure

Shares of Medarex took a dive in after-hours trading after the biotech announced that the cancer drug ipilimumab--being developed in collaboration with Bristol-Myers Squibb--had failed one of the studies in patients with advanced melanoma. The trial failure hasn't shaken researchers resolve to move forward with the drug, though. The companies are saying that all of the data combined with the lack of options for patients should make a good case for approval. Investors weren't as confident, shaving about 18 percent off of Medarex's stock price on the news.

- see this release on the trial
- check out the AP report for more

ALSO: Kosan Biosciences also saw its stock price plunge after reporting that Phase Ib data for its blood cancer treatment tanespimycin appears to be worse than initially reported. Report