This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Celgene Surprises With Melanoma Drug Study Victory

SUMMIT, NJ ( TheStreet) -- Celgene (CELG - Get Report) said Tuesday that a late-stage study of its cancer drug Abraxane met its primary endpoint of delaying the growth of tumors in patients with advanced melanoma.

The impact of the positive results from the phase III study is unclear at this time, however, because Celgene did not say if patients treated with Abraxane lived longer. New therapies for melanoma such as Bristol-Myers Squibb's (BMY - Get Report) Yervoy and Roche's (RHHBY) Zelboraf were both approved on the basis of improving overall survival.

Celgene shares were up $1.22, or 1.5%, to $78 in early Tuesday trading.

The phase III study enrolled patients with metastatic melanoma who had no previous treatment with chemotherapy. The patients were randomized to receive treatment with Abraxane, a reformulation of the old chemotherapy drug paclitaxel, or DTIC, another older chemotherapy often used to treat melanoma.

Patients treated with Abraxane lived longer without their melanoma progressing compared to patients treated with CTIC, Celegene said. The result was statistically significant although details were withheld for presentation at a later medical meeting.

The study was designed to measure if Abraxane could improve overall survival compared to DTIC but these data may not be ready yet.

Abraxane is already approved to treat advanced breast cancer and is under FDA review for non-small cell lung cancer with an expected approval decision on Oct. 12.

Celgene is also conducting a phase III study of Abraxane in pancreatic cancer with results expected later this quarter. The pancreatic cancer study was the subject of much positive chatter at a cancer research conference in Europe this weekend.

The value of Abraxane is also tied to a publicly traded Celgene contingent value (CELGZ) right established when Celgene bought the drug's inventor Abraxis BioScience in 2010.

-- Reported by Adam Feuerstein in Boston.
Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CELGZ $1.18 0.85%
RHHBY $31.57 0.00%
CELG $103.41 0.00%
BMY $72.18 0.00%
AAPL $93.74 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs