Celldex falls after scrapping development of skin disease drug
CLDX•Celldex shares fall after mid-stage setback
- Shares of drug developer Celldex Therapeutics fell 8.8% to $32.52 in premarket trading.
- The company said it would discontinue development of its experimental skin disease drug barzolvolimab after it failed to meet the main goal in a mid-stage study.
- The treatment is being tested in patients with prurigo nodularis, a chronic skin disease that causes intensely itchy skin lumps and nodules.
- Celldex said the drug did not show meaningful improvement in itch or skin lesions compared with placebo.
- The company plans to develop barzolvolimab for other inflammatory and allergic conditions.
- Up to the last close, the stock was up 31.3% year to date.
