NEW YORK (TheStreet) -- Shares of Celldex Therapeutics (CLDX - Get Report) rose 1.94% to $25.21 in afternoon trading Tuesday after the company's drug Rintega received breakthrough therapy designation from the U.S. Food and Drug Administration on Monday.
Celldex designed Rintega, also known as rindopepimut, to treat adults who suffer from EGFRvIII-positive glioblastoma. The FDA granted the priority status to Rinterga after successful phase II studies on the drug.
Celldex CEO Anthony Marucci said in a statement that glioblastoma patients "have extremely limited treatment options, with only three new drugs approved in more than 20 years."
Exclusive Report: Jim Cramer’s Best Stocks for 2015
The company also announced fourth-quarter and full-year earnings on Tuesday before market open. Revenue totaled $1.5 million in the fourth quarter of 2014, up 150% from $0.6 million in the same quarter one year earlier. This beat the Capital IQ consensus estimate of $0.49 million.
Celldex reported a loss of 36 cents a share, slightly wider than the consensus estimate of a loss of 34 cents a share.
The company's cash, cash equivalents, and marketable securities as of December 31, 2014 were $201 million, compared to $224.1 million as of September 30, 2014. Celldex attributed the decrease primarily to its fourth-quarter net cash burn of $23.1 million.