Celldex Therapeutics Reports Q2 Loss In Line

(RTTNews) - Celldex Therapeutics Inc (CLDX) said Wednesday its net loss for the second quarter widened to $28.3 million or $0.32 per share from $19 million or $0.24 per share last year, as the biopharmaceutical company spent more on research and development related to its late-stage clinical development programs.

Analysts polled by Thomson Reuters projected a loss of $0.32 per share for the quarter.

Celldex, based in Hampton, New Jersey, is developing targeted therapeutics to address devastating diseases for which available treatments are inadequate.

The company's revenue for the quarter was $592 thousand, compared with $97 thousand in the prior year. Analysts projected on revenue of $340 thousand for the quarter.

The increase in revenue was due to clinical trial collaboration with BMS and research agreement with Rockefeller, the company said.

Results were offset by an increase in research expenses to $24 million from $15 million last year.

Celldex expects that its cash and marketable securities will be sufficient to fund its expenses through 2016.