Shares of CEL-SCI (NYSEMKT: CVM) soared 8.6% higher on Wednesday. The big jump came after the company released a letter to its shareholders related to results announced from a phase 3 clinical study last week.
CEL-SCI reported on June 28 that its experimental immunotherapy Multikine missed the primary endpoint of a phase 3 study targeting head and neck cancer. The drug didn't improve overall survival in patients who also received chemotherapy. The biotech stock plunged 45% on the news. However, patients who received Multikine followed by surgery and radiotherapy did achieve a significant overall survival benefit.
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Source Fool.com