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Celldex Reports Second Quarter 2013 Financial Results

General and administrative (G&A) expenses in the second quarter of 2013 were $3.4 million, compared to $2.2 million in the second quarter of 2012. G&A expenses for the six months ended June 30, 2013 were $6.5 million, compared to $4.5 million for the six months ended June 30, 2012. The increase in G&A expenses was primarily due to higher personnel-related expenses, professional services and rindopepimut-related commercial planning costs in 2013. During 2013, we have increased our headcount to 124 as we continue to add important positions in the areas of commercial development, marketing, regulatory, and manufacturing.

At June 30, 2013, Celldex reported cash, cash equivalents and marketable securities of $155.0 million, which the Company believes will be sufficient to meet estimated working capital requirements and fund planned program development through 2015. The decrease of $27.4 million from March 31, 2013 includes total principal and interest payments on our term loan of $10.5 million during the second quarter of 2013 and our second quarter net cash burn of approximately $16.9 million. In May 2013, we paid off our term loan, which would have otherwise matured in December 2014, for a savings of approximately $0.5 million in interest costs (net of prepayment fees).

As of June 30, 2013, Celldex had approximately 81.0 million shares outstanding.

Avastin is a registered trademark of Genentech, a member of the Roche Group.

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 STATEMENTS OF OPERATIONS DATA  Quarter Ended June 30, Six Months Ended June 30,
  2013 2012 2013 2012
  (Unaudited) (Unaudited)
REVENUE         
Product Development and Licensing Agreements   $ 47  $ 40  $ 77  $ 75
Contracts and Grants   50  96  100  149
Product Royalties   --   1,873  2,334  4,218
         
Total Revenue   97  2,009  2,511  4,442
         
OPERATING EXPENSE         
Research and Development   15,090  11,114  29,180  21,881
Royalty   --   1,873  2,334  4,218
General and Administrative   3,411  2,219  6,549  4,536
Amortization of Acquired Intangible Assets   254  291  507  583
         
Total Operating Expense   18,755  15,497  38,570  31,218
         
Operating Loss   (18,658)  (13,488)  (36,059)  (26,776)
         
Investment and Other Income, Net   161  126  540  331
Interest Expense   (519)  (411)  (829)  (844)
         
Net Loss   $ (19,016)  $ (13,773)  $ (36,348)  $ (27,289)
         
Basic and Diluted Net Loss per Common Share   $ (0.24)  $ (0.23)  $ (0.47)  $ (0.50)
Weighted Average Common Shares Outstanding   80,899  58,733  77,482  54,439
         
         
CONDENSED CONSOLIDATED BALANCE SHEETS      June 30, December 31,
      2013 2012
      (Unaudited)  
 ASSETS         
 Cash, Cash Equivalents and Marketable Securities       $ 154,983  $ 83,962
 Other Current Assets       1,447  1,152
 Property and Equipment, net       7,338  7,205
 Intangible and Other Assets, net       32,465  33,222
 Total Assets       $ 196,233  $ 125,541
         
 LIABILITIES AND STOCKHOLDERS' EQUITY         
 Current Liabilities       $ 12,503  $ 17,685
 Long-Term Liabilities       6,636  12,082
 Stockholders' Equity       177,094  95,774
 Total Liabilities and Stockholders' Equity       $ 196,233  $ 125,541
CONTACT: Sarah Cavanaugh
         Vice President of Investor Relations &
         Corp Communications
         Celldex Therapeutics, Inc.
         (781) 433-3161
         scavanaugh@celldextherapeutics.com

Stock quotes in this article: CLDX 

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