HAMPTON, N.J. - Celldex (NASDAQ:CLDX) Therapeutics, Inc. (NASDAQ: CLDX), a clinical-stage biotechnology company, has announced the pricing of a public offering of 8,520,000 shares of its common stock at $47.00 per share. The transaction is expected to generate approximately $400.4 million in gross proceeds, before underwriting discounts, commissions, and other offering-related expenses. The offering is scheduled to close around Monday, subject to customary closing conditions.
Celldex also provided the underwriters with a 30-day option to purchase up to an additional 1,278,000 shares at the public offering price, less the underwriting discounts and commissions. The net proceeds are intended for the continued clinical and preclinical development of Celldex's product candidates, including barzolvolimab and the company's bispecific antibody platform, as well as funding the development of additional clinical pipeline products and general corporate purposes.
The securities are offered under a prospectus supplement and an accompanying base prospectus as part of a shelf registration statement on Form S-3, which became automatically effective on November 3, 2023. Leerink Partners, TD Cowen, Guggenheim Securities, and Cantor are acting as joint book-running managers, with LifeSci Capital and H.C. Wainwright & Co. as co-lead managers for the offering.
Celldex Therapeutics is at the forefront of mast cell biology, developing antibody-based therapeutics to improve the lives of patients with severe inflammatory, allergic, autoimmune, and other devastating diseases.
The information reported is based on a press release statement.
InvestingPro Insights
Celldex Therapeutics, Inc. (NASDAQ: CLDX) has recently made headlines with its public offering, aiming to fund its innovative clinical and preclinical programs. As investors consider the potential of Celldex's stock, here are some insights based on the latest data from InvestingPro.
InvestingPro Data shows a significant growth in revenue, with an increase of 192.02% for the last twelve months as of Q4 2023. Despite this impressive growth, the company's gross profit margin stands at -1614.53%, reflecting the high costs associated with its research and development activities. This is further illustrated by the company's operating income margin of -3088.2% for the same period.
On the market front, Celldex's Market Cap (Adjusted) is currently 2690M USD, and the stock has experienced a substantial return over the last three months, with a 50.09% increase. This is part of a broader trend that has seen the stock price soar by 66.82% over the last six months, indicating strong investor confidence.
From the InvestingPro Tips, it's worth noting that Celldex holds more cash than debt on its balance sheet, which is a positive indicator of the company's financial health and its ability to fund ongoing operations. Additionally, the company's liquid assets exceed its short-term obligations, providing a cushion for near-term financial needs.
Investors should be aware, according to an InvestingPro Tip, that analysts do not anticipate the company will be profitable this year, and the stock is trading at a high Price / Book multiple of 6.26, which could suggest that the stock is valued optimistically by the market.
For those looking to delve deeper into the financials and prospects of Celldex Therapeutics, there are additional InvestingPro Tips available. In fact, there are 12 more InvestingPro Tips listed on https://www.investing.com/pro/CLDX, which can provide a more comprehensive analysis of the company's performance and outlook.
To access these insights and more, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. This offer could provide valuable guidance for investors considering participating in Celldex's public offering or monitoring the company's progress in the biotechnology sector.
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