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Biotech / Medical : MEDX ... anybody following?

MEDX 31.15

-0.3%

Nov 3 1:15 PM EST

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From: Icebrg	12/19/2008 3:38:12 PM
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Celldex Therapeutics downgraded to Hold at Needham. Needham downgrades CLDX to Hold from Buy. Firm notes that yesterday after mkt close, they had an opportunity to discuss with Celldex mgmt the planned amendment to the ongoing GBM CDX-110 ACT III Phase 2b/3 trial, which will be converted to a non-randomized Phase 2 trial. Mgmt noted that positive ACTII data highlighted by the media may have contributed to the control patient dropout; interestingly, there are no dropouts to date in the CDX-110 + TMZ group. The new ACT III Phase 2 trial design will have 60 patients and will provide a non-randomized data set for CDX-110 in newly diagnosed GBM. Firm believse that CDX-110 is active in GBM, and they favor the amendment as the next step in development. Yet firm is downgrading, as timelines are likely to be delayed and there is limited near-term newsflow to drive the stock valuation. news.moneycentral.msn.com

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