Bristol reports positive results for melanoma drug

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Associated Press

Posted on March 21, 2011 at 8:01 PM

Updated Monday, Mar 21 at 8:02 PM

PRINCETON, New Jersey (AP) — Bristol-Myers Squibb Co. says a new study of its highly anticipated melanoma drug improved survival time in patients with advanced skin cancer.

The company said Monday the trial compared patients taking regular chemotherapy with those taking Bristol's ipilimumab plus chemotherapy. All of the patients had advanced melanoma and had not been previously treated with other drugs.

Shares of the company rose to $27.15 after the market closed, when the report was released, from a closing price of $26.

New York-based Bristol said it would present the results at the annual meeting of the American Society of Clinical Oncology in June.

FDA is currently reviewing the drug and is scheduled to issue a decision later this week.

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