Medarex (MEDX) Higher After Experimental Drug Shows Dramatic Results
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Shares of Medarex, Inc. (Nasdaq: MEDX) are soaring higher this morning after reports in the UK's Independent said two patients with inoperable prostate cancer have made dramatic recoveries after receiving one dose of an experimental drug that is creating excitement among cancer specialists.
The drug is Ipilimumab, being developed by Bristol-Myers Squibb (NYSE: BMY) and Medarex.
The two patients were being treated at the Mayo Clinic in Minnesota and part of a trial involving 108 patients.
The urologist in charge of their treatment, Dr Eugene Kwon, compared the results to the first pilot breaking the sound barrier, saying, "This is one of the Holy Grails of prostate cancer research. We have been looking for this for years."
Shares of Medarex are up 16% on the news. Shares of Bristol-Myers are down 1%.
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