Celldex Reports Updated 2017 Guidance - Quick Facts

(RTTNews) - Celldex Therapeutics, Inc. (CLDX) announced the company now believes that the cash, cash equivalents and marketable securities at March 31, 2017 combined with the anticipated proceeds from future sales of common stock under Cantor agreement, are sufficient to meet estimated working capital requirements and fund planned operations through 2018. The company noted that the guidance assumes it is able to and elect to pay future Kolltan contingent milestones, if any, in stock rather than cash.

Celldex reported a first-quarter net loss of $34.3 million, or $0.28 per share, compared to a loss of $34.7 million, or $0.35 per share, for the comparable period in 2016. Total revenue was $1.5 million, compared to $1.3 million for the comparable period in 2016. The company said the increase in revenue was primarily due to clinical trial collaboration with Bristol-Myers Squibb and research and development agreement with Rockefeller University.