Celldex Therapeutics Prices Public Offering of Common Stock
HAMPTON, N.J., Dec. 4, 2013 (GLOBE NEWSWIRE) -- Celldex Therapeutics, Inc.
(Nasdaq:CLDX) today announced the pricing of an underwritten public offering
of 7,000,000 shares of its common stock, offered at a price to the public of
$24.50 per share for an aggregate offering of $171,500,000 of common stock.
The net proceeds to Celldex from this offering are expected to be
approximately $162,725,000, after deducting underwriting discounts and
commissions and other estimated offering expenses payable by Celldex. The
underwriters have been granted a 30-day option to purchase up to an aggregate
of 1,050,000 additional shares of common stock. The offering is expected to
close on or about December 10, 2013, subject to customary closing conditions.
Jefferies LLC and Leerink Swann LLC are acting as joint book-running managers
of the offering. Guggenheim Securities, Oppenheimer & Co. Inc., Wedbush
PacGrow Life Sciences, Brean Capital, LLC, Cantor Fitzgerald & Co. and Roth
Capital Partners are acting as co-managers of the offering.
Celldex anticipates using the net proceeds from the offering to fund Celldex's
clinical trials of its product candidates and for working capital and other
general corporate purposes.
A shelf registration statement relating to the shares was filed with the SEC
and is effective and a preliminary prospectus supplement related to the
offering has also been filed. A final prospectus supplement related to the
offering will be filed with the SEC and will be available on the SEC's website
located at http://www.sec.gov. Copies of the preliminary and final prospectus
supplement and the accompanying prospectus relating to this offering may be
obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 12th Floor, New York, NY, 10022, by telephone
at 877-547-6340 or by email at Prospectus_Department@Jefferies.com or from
Leerink Swann LLC, Attention: Syndicate Department, One Federal Street, 37th
Floor, Boston, MA 02110, by telephone at 800-808-7525 or by email at
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
About Celldex Therapeutics, Inc.
Celldex is developing targeted therapeutics to address devastating diseases
for which available treatments are inadequate. Our pipeline is built from a
proprietary portfolio of antibodies and immunomodulators used alone and in
strategic combinations to create novel, disease-specific therapies that
induce, enhance or suppress the body's immune response.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of
1995: This release contains "forward-looking statements" made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995, including those related to the Company's strategic focus and the future
development and commercialization (by Celldex and others) of rindopepimut
(CDX-110), glembatumumab vedotin ("glemba"; CDX-011), CDX-1135, CDX-1401,
CDX-1127, CDX-301, Belinostat and other products. Forward-looking statements
reflect management's current knowledge, assumptions, judgment and expectations
regarding future performance or events. Although management believes that the
expectations reflected in such statements are reasonable, they give no
assurance that such expectations will prove to be correct and you should be
aware that actual results could differ materially from those contained in the
forward-looking statements. Forward-looking statements are subject to a number
of risks and uncertainties, including, but not limited to, our ability to
successfully complete research and further development and commercialization
of rindopepimut, glembatumumab vedotin and other drug candidates, our ability
to obtain additional capital to meet our long-term liquidity needs on
acceptable terms, or at all, including the additional capital which will be
necessary to complete the clinical trials that we have initiated or plan to
initiate; our ability to adapt our APC Targeting Technology™ to develop new,
safe and effective vaccines against oncology and infectious disease
indications; our ability to successfully complete product research and further
development of our programs; the uncertainties inherent in clinical testing;
our limited experience in bringing programs through Phase 3 clinical trials;
our ability to manage research and development efforts for multiple products
at varying stages of development; the timing, cost and uncertainty of
obtaining regulatory approvals; the failure of the market for the Company's
programs to continue to develop; our ability to protect the Company's
intellectual property; the loss of any executive officers or key personnel or
consultants; competition; changes in the regulatory landscape or the
imposition of regulations that affect the Company's products; and other
factors listed under "Risk Factors" in our annual report on Form 10-K.
All forward-looking statements are expressly qualified in their entirety by
this cautionary notice. You are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date of this release.
We have no obligation, and expressly disclaim any obligation, to update,
revise or correct any of the forward-looking statements, whether as a result
of new information, future events or otherwise.
CONTACT: Sarah Cavanaugh
Vice President of Investor Relations &
Celldex Therapeutics, Inc.
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