A big win for Seattle Genetics

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Seattle Genetics CEO Clay Siegall joins CNBC to discuss the outcome of key clinical trial for the company’s lead drug candidate for oncology. The company’s novel blood cancer treatment performed well in a Phase III trial, easily surpassing expectations. The drug, called bentuximab vedotin, shrank tumors in three-quarters of patients with Hodgkin lymphoma. It is a part of a next-generation of biotech therapies that aims to bolster chemotherapy’s effectiveness while reducing its damaging side effects.

The drug has orphan drug status in the U.S. and Europe, and the company plans to file for FDA approval in the first half of 2011. Seattle Genetics is also studying its use in earlier forms of the disease and in other blood cancers.

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