Celldex Therapeutics, Inc. Reports Second Quarter 2010 Financial Results

NEEDHAM, Mass.--(BUSINESS WIRE)--Celldex Therapeutics, Inc. (NASDAQ: CLDX) today reported financial results for the second quarter ended June 30, 2010. Celldex reported a net loss of $9.5 million, or $0.30 per share, for the second quarter of 2010 compared to a net loss of $8.7 million, or $0.55 per share, for the second quarter of 2009. For the six months ended June 30, 2010, Celldex reported a net loss of $16.1 million, or $0.51 per share, compared to a net loss of $16.4 million, or $1.04 per share, for the six months ended June 30, 2009. At June 30, 2010, Celldex reported cash, cash equivalents and marketable securities of $65.8 million, a decrease of $9.5 million from March 30, 2010. The decrease is due primarily to operational expenses, $1.4 million in severance payments related to the CuraGen acquisition and $0.7 million in capital expenditures made during the second quarter of 2010. Remaining severance payments of $0.5 million and $0.7 million will be made in 2010 and 2011, respectively. We believe that expected cash inflows from existing collaborations, interest income on invested funds and our current cash, cash equivalents and marketable securities at June 30, 2010 are sufficient to meet estimated working capital requirements and fund planned operations into 2012.

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