Celldex Therapeutics Prices Public Offering of Common Stock
26 February 2015 - 10:48AM
Celldex Therapeutics, Inc. (Nasdaq:CLDX) today announced the
pricing of an underwritten public offering of 7,250,000 shares of
its common stock, offered at a price to the public of $24.00 per
share for an aggregate offering of $174.0 million of common stock.
The net proceeds to Celldex from this offering are expected to be
approximately $164.2 million 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 1,087,500 additional shares of
common stock. The offering is expected to close on or about March
3, 2015, subject to customary closing conditions.
Jefferies LLC and Leerink Partners LLC are acting as the joint
book-running managers and underwriters for the proposed offering
and Guggenheim Securities, LLC is acting as a lead manager in the
offering. Oppenheimer & Co. Inc., Brean Capital, LLC, Cantor
Fitzgerald & Co. and Roth Capital Partners, LLC are acting as
co-managers of the offering.
Celldex anticipates using the net proceeds from the offering to
fund clinical trials of its product candidates, expansion of its
pipeline, expansion of the commercial team 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. 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, 2nd Floor, New
York, NY, 10022, by telephone at 877-547-6340 or by email at
Prospectus_Department@Jefferies.com or from Leerink Partners LLC,
Attention: Syndicate Department, One Federal Street, 37th Floor,
Boston, MA 02110, by telephone at 800-808-7525 ext. 6142 or by
email at Syndicate@Leerink.com.
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 jurisdiction.
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 announcement contains
"forward-looking statements," including statements relating to
Celldex's expectations regarding the completion and timing of the
closing of the public offering and its anticipated use of net
proceeds from the offering. These statements are subject to
significant risks and uncertainties; actual results could differ
materially from those projected and Celldex cautions investors not
to place undue reliance on the forward-looking statements contained
in this release. These risks and uncertainties include, without
limitation, risks and uncertainties related to market and other
conditions and the satisfaction of customary closing conditions
related to the public offering. There can be no assurance that
Celldex will be able to complete the public offering on the
anticipated terms, or at all. Risks and uncertainties relating to
Celldex and its business can be found in the "Risk Factors" section
of Celldex's Form 10-K, filed with the SEC on February 24, 2015,
and in the preliminary prospectus supplement and related prospectus
related to the proposed offering to be filed with the SEC. Celldex
undertakes no duty or obligation to update any forward-looking
statements contained in this release as a result of new
information, future events or changes in Celldex's
expectations.
CONTACT: Company Contact:
Sarah Cavanaugh
Vice President of Investor Relations &
Corp Communications
Celldex Therapeutics, Inc.
(781) 433-3161
scavanaugh@celldex.com
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