Celldex Raises $31.5M, Stock Drops
Needham, MA-based Celldex Therapeutics (NASDAQ: CLDX) said today it has raised $31.5 million through a stock offering. The company sold 10 million shares at $3.15 apiece, roughly a 19 percent discount to yesterday’s closing stock price of $3.88, before the deal was announced. Jefferies & Co, Wedbush Securities, Brean Murray, Carret & Co. and Roth Capital Partners, managed the offering. The stock fell about 14 percent on the news, as the sale of additional shares dilutes the value of existing ones. The cash will be used to help Celldex advance to the third and final stage of clinical trials normally required for FDA approval. Celldex said it had about $44 million as of the end of March, according to its most recent quarterly report, which it has said was enough to last into 2012.