Medarex shares slide on news of drug app delay

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
- read the AP report

Related Articles:
Medarex shares dive after a cancer trial failure
BMS misses a beat in cancer comeback
Medarex shares rise on takeover speculation

Suggested Articles

LianBio aims to bring much-needed new drugs to China and serve as a partner for U.S. biotechs looking to expand into Asia.

Despite the setback, Fulcrum hailed the data as “very encouraging,” zeroing in on results from a pre-specified sensitivity analysis to make its case.

Bayer has struck a $425 million upfront deal to buy KaNDy in the belief its treatment for menopause-related hot flashes has blockbuster potential.