Celldex Therapeutics Secures $345M from Public Offering, Underwriters Fully Exercise Option
CLDX has more than doubled off its 52-week low of $14.4 on light trading volume (0.3× avg).
Summary
Celldex Therapeutics has announced the closing of its public offering, securing approximately $345 million in gross proceeds. This final amount includes the full exercise of the underwriters' option to purchase an additional 1,551,750 shares of common stock at $29.00 per share. This financing follows the company's initial announcement of the offering on April 1st and its pricing on April 2nd, which previously indicated $300 million in gross proceeds. The offering was strategically launched after the company presented highly positive Phase 2 data for its investigational drug barzolvolimab on March 27th. The confirmed capital infusion provides substantial funding for Celldex's clinical pipeline, particularly advancing barzolvolimab, but also finalizes the dilutive impact on existing shareholders. Investors will now monitor the deployment of these funds and upcoming clinical milestones.
At the time of this announcement, CLDX was trading at $31.33 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $14.40 to $34.52. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.