What happened Shares of Stemline Therapeutics Inc. (NASDAQ: STML), a clinical-stage biotech developing therapies that target cancer stem cells, shot up 23% in October according to data from S&P Global Market Intelligence. Investors cheered results of a clinical trial that suggests the company's lead candidate has a shot at becoming the first drug approved for a rare blood cancer with a dearth of treatment options. So what Meeting unmet need is a recipe for success in this business, and Stemline Therapeutics' lead candidate, SL-401, took a major step toward becoming the first available treatment for patients affected by blastic plasmacytoid dendritic cell neoplasm (BPDCN). During a pivotal trial intended to support a new drug application, the candidate drove the disease into remission for a surprising 60% of 45 patients at different stages of the disease. Image source: Getty Images. Although the pivotal trial didn't include a placebo group for comparison, the response rate should be strong enough to support a new drug application. If approved, the drug could generate between $200 million and $500 million, depending on how many patients of this still poorly understood indication eventually seek treatment. Now what Despite the run-up last month, Stemline sports a sprightly $354 million market cap that would increase several times over following a successful launch for SL-401. Unfortunately, the drug has led to three deaths among just 148 patients dosed. The company burned through $30 million in the first half of the year, which left it with about $64.1 million in cash and investments. If patient deaths derail the application, Stemline would be left with just two other candidates in early clinical-stage development, and a decimated share price. 10 stocks we like better than Stemline TherpeuticsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Stemline Therpeutics wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of October 9, 2017Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.