Why Celldex Therapeutics (CLDX) Stock Is Surging Today

NEW YORK (TheStreet) -- Celldex Therapeutics  (CLDX) surged Wednesday after the company announced a clinical trial collaboration with Bristol-Myers Squibb  (BMY).

The trial will determine the safety, tolerability and preliminary efficacy of nivolumab, Bristol-Myers' investigational PD-1 immune checkpoint inhibitor, and varlilumab, Celldex's CD27 targeting investigational antibody in a Phase 1/2 study. The study will explore multiple tumor types, which potentially include non-small cell lung cancer, metastatic melanoma, ovarian, colorectal and squamous cell head and neck cancers.

Bristol-Myers Squibb will make a one-time payment of $5 million to Celldex under the terms of the agreement, and the two companies will share development costs. Celldex will conduct the Phase 1/2 study, which should start in the fourth quarter of 2014.

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Celldex was up 26.05% to $15.63 at 11:38 a.m.

For more on this story, read TheStreet's Adam Feuerstein's article here.

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