Positive Outcome for Chronic Spontaneous Urticaria Treatment
Shares of Celldex Therapeutics experienced a 17% increase, reaching $44.35, following the successful trial of a treatment for chronic spontaneous urticaria.
The New Jersey-based company announced that its Phase 2 trial of barzolvolimab in treating CSU had met its primary efficacy endpoint, showing a significant change in urticaria activity score compared to the placebo after 12 weeks.
Plans for Phase 3 Program Initiation
With this promising outcome, Celldex is now in the process of actively preparing for the launch of its Phase 3 program in CSU this summer. CEO Anthony Marucci expressed optimism about the future of the treatment.
Strong Financial Performance
In addition to the positive trial results, the company also reported impressive fourth-quarter financial results. Revenue increased to $4.1 million from $1.6 million, surpassing analysts’ expectations of $900,000.
The boost in revenue was attributed to expanded services provided under manufacturing and research and development agreements with Rockefeller University.
Secure Financial Position
Celldex stated that it expects its current cash reserves and marketable securities to support operations through 2026, providing a solid foundation for future development and growth.
