Interesting. Reuters corrects new release to remove the statement that prior studies were more successful. Apparently this was done at the request of the analyst they misinterpreted.
the prior release saying that earlier studies showed 95% was totally inaccurate. The 95% was the correlation of patients with historical group, has nothing to do with PFS ... really stupid.
As I posted in my recent analysis, the 95% PFR from ACTII was calculated post-SURGERY.
The interim PFR from ACTIII is calculated post-VACCINATION. The vaccination takes place 2-3 months after the surgery.
So the analyst was comparing apples and oranges, and was dead wrong. The interim ACTIII results are very good and similar to the previous ACTIVATE and ACTII trials.
What a bummer. If Cldx rebounds tomorrow, as I expect it will, those who dumped on the first news release really got burnt. Too bad. Trading is bad enough without out having to deal with incorrect news.
Yep. Here it is:
CORRECTED - (OFFICIAL)UPDATE 1-Celldex:brain cancer vaccine results on track
Thu May 20, 2010 9:56pm EDT
* 70 pct of patients progression-free at 5.5 months
* Shares fall 20 pct after hours (Removes erroneous references to previous studies in lead and third paragraph, after analyst corrects statement)
By Deena Beasley
LOS ANGELES, May 20 (Reuters) - Celldex Therapeutics Inc's (CLDX.O) experimental brain cancer vaccine helped some patients in a mid-stage trial, and shares fell 20 percent after hours.
The interim results from 40 glioblastoma patients showed that 28, or 70 percent, were alive with no signs of their cancer worsening 5.5 months after treatment, according to research submitted to the American Society of Clinical Oncology.