This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Celldex Reports First Quarter 2013 Financial Results

Revenues for the first quarter of 2013 were consistent with revenues recorded in the first quarter of 2012.

In the first quarter of 2013, R&D expense increased by $3.3 million compared to 2012 and was primarily a result of increased clinical trial costs of $2.3 million and contract manufacturing costs of $0.5 million primarily due to our late-stage rindopepimut program.

G&A expense in the first quarter of 2013 increased by $0.8 million from $2.3 million in 2012 due primarily to higher personnel-related expenses and rindopepimut-related commercial planning costs in 2013.

During the quarter ended March 31, 2013, the increase in cash, cash equivalents and marketable securities of $98.4 million from December 31, 2012 primarily reflects the issuance of 16.2 million shares of common stock during the quarter through our Cantor ATM facility and an underwritten public offering that raised aggregate net proceeds to Celldex of $114.1 million, partially offset by our first quarter operations-related cash burn of approximately $16.1 million.

As of March 31, 2013, Celldex had approximately 80.9 million shares outstanding.

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. Visit http://www.celldextherapeutics.com .

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), 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, CDX-011 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 TM 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.

 
  CELLDEX THERAPEUTICS, INC. 
 (In thousands, except per share amounts) 
     
     
 CONSOLIDATED STATEMENT  Quarter 
 OF OPERATIONS DATA  Ended March 31,
  2013 2012
   (Unaudited) 
 OPERATING REVENUE     
 Product Development and Licensing Agreements   $ 30  $ 35
 Contracts and Grants   50  54
 Product Royalties   2,334  2,344
     
 Total Revenue   2,414  2,433
     
 OPERATING EXPENSE     
 Research and Development   14,090  10,769
 Royalty   2,334  2,344
 General and Administrative   3,138  2,317
 Amortization of Acquired Intangible Assets   253  291
     
 Total Operating Expense   19,815  15,721
     
 Operating Loss   (17,401)  (13,288)
     
 Investment and Other Income, Net   379  205
 Interest Expense   (310)  (433)
     
 Net Loss   $ (17,332)  $ (13,516)
     
 Basic and Diluted Net Loss per     
 Common Share   $ (0.23)  $ (0.27)
 Weighted Average Common     
 Shares Outstanding   74,027  50,145
     
     
     
  CONDENSED CONSOLIDATED     
 BALANCE SHEETS DATA  March 31, December 31,
  2013 2012
  (Unaudited)  
 ASSETS     
 Cash, Cash Equivalents and Marketable Securities   $ 182,377  $ 83,962
 Other Current Assets   2,076  1,152
 Property and Equipment, net   7,131  7,205
 Intangible and Other Assets, net   32,781  33,222
 Total Assets   $ 224,365  $ 125,541
     
 LIABILITIES AND STOCKHOLDERS' EQUITY     
 Current Liabilities   $ 18,330  $ 17,685
 Long-Term Liabilities   11,094  12,082
 Stockholders' Equity   194,941  95,774
 Total Liabilities and Stockholders' Equity   $ 224,365  $ 125,541
CONTACT: Sarah Cavanaugh
         Vice President of Investor Relations &
         Corp Communications
         Celldex Therapeutics, Inc.
         (781) 433-3161
         scavanaugh@celldextherapeutics.com

2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,055.87 -116.81 -0.68%
S&P 500 1,982.77 -11.52 -0.58%
NASDAQ 4,508.6880 -19.0010 -0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs