Celldex Therapeutics Announces $250M Offering

By Tamara Parker • Saturday, March 02 15:23 • Permanent Link

Celldex Therapeutics, Inc. (NASDAQ: CLDX) has just announced its proposed public offering of $250.0 million of shares of its common stock, subject to market conditions. The company also plans to grant the underwriters a 30-day option to purchase up to an additional $37.5 million of shares of its common stock. All of the shares of common stock are being offered by the company.

The net proceeds from the offering are intended to be used for continuing clinical and preclinical development of its product candidates, including the current and future development of Barzolvolimab, growing its bispecific antibody platform and clinical candidates, funding ongoing efforts to develop additional clinical pipeline products, and for general corporate purposes.

Leerink Partners and TD Cowen are acting as the joint bookrunning managers for the proposed offering. The securities will be offered pursuant to a shelf registration statement on Form S-3 (file no. 333-275300), which became automatically effective on November 3, 2023.

Celldex is a clinical stage biotechnology company leading the science at the intersection of mast cell biology and the development of transformative therapeutics for patients. The company's pipeline includes antibody-based therapeutics, which have the ability to engage the human immune system and/or directly affect critical pathways to improve the lives of patients with severe inflammatory, allergic, autoimmune, and other devastating diseases.

The offering will be made only by means of a prospectus, and this press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein.

This announcement comes as Celldex continues to advance its development of potential treatments, aiming to address critical medical needs and further its position as a leader in the biotechnology industry. As a result of these announcements, the company's shares have moved 7.9% on the market, and are now trading at a price of $51.88. If you want to know more, read the company's complete 8-K report here.

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