NEEDHAM, Mass.--(BUSINESS WIRE)--Celldex Therapeutics, Inc. (NASDAQ: CLDX - News) today announced that the Company has expanded its Precision Targeted Immunotherapy Platform by acquiring exclusive rights to FMS-like tyrosine kinase 3 ligand (Flt3L) and CD40 ligand (CD40L), from Amgen (NASDAQ: AMGN - News). Specific terms of the agreement were not disclosed. Flt3L and CD40L are immune modulating molecules that increase the numbers and activity of immune cells that control immune responses. Celldex believes these ligands may hold significant opportunity for synergistic development in combination with other proprietary molecules in the Company’s portfolio.
“We are extremely pleased to be in the position to continue the clinical development of these biologically active molecules,” said Tibor Keler, Chief Scientific Officer of Celldex Therapeutics. “In particular, we believe that Flt3L has significant potential to be developed in a number of indications in cancer, inflammatory and infectious diseases.
“This agreement with Amgen is part of Celldex’s ongoing development strategy to identify technology and product candidates that we believe hold significant value that can be unlocked with our Precision Targeted Immunotherapy Platform,” added Anthony Marucci, President and CEO of Celldex Therapeutics.
About Celldex’s Agreement with Amgen
Pursuant to its agreement with Amgen, Celldex has acquired exclusive rights to develop and commercialize two molecules known as Flt3L and CD40L. Flt3L is a potent hematopoietic cytokine that stimulates the expansion and differentiation of hematopoietic progenitor and stem cells. Flt3L has demonstrated a unique capacity to increase the number of circulating dendritic cells in both laboratory and clinical studies. In addition, Flt3L has shown impressive results in models of cancer, infectious diseases and inflammatory/autoimmune diseases. The CD40 ligand (CD40L) has potent immune activation properties through activation of dendritic cells that express the CD40 receptor.
About Celldex Therapeutics, Inc.
Celldex Therapeutics is an integrated biopharmaceutical company that applies its comprehensive Precision Targeted Immunotherapy Platform to generate a pipeline of candidates to treat cancer and other difficult-to-treat diseases. Celldex’s immunotherapy platform includes a complementary portfolio of monoclonal antibodies, antibody-targeted vaccines and immunomodulators to create novel disease-specific drug candidates. For more information, please 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 of the Flt3L and CD-40L programs. 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, the successful integration of the businesses, multiple technologies and programs of the two companies (Celldex and AVANT) that merged together in 2008 to form our Company; our ability to adapt APC Targeting TechnologyTM 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 ability to manage research and development efforts for multiple products at varying stages of development; Pfizer’s and our strategy and business plans concerning the continued development and commercialization of CDX-110; the timing, cost and uncertainty of obtaining regulatory approvals; the failure of the market for the Company’s programs to continue to develop; the inability to obtain additional capital; the inability 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 risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Company’s Form 10-K for the fiscal year ended December 31, 2008, and its Forms 10-Q and 8-K.
Contact:
Celldex Therapeutics, Inc. Anthony S. Marucci, 781-433-0771 President and CEO or Avery W. Catlin, 781-433-0771 Chief Financial Officer IR@celldextherapeutics.com or For Media: BMC Communications Group Dan Budwick, 973-271-6085 dbudwick@bmccommunications.com
