Celldex Therapeutics, Inc. (NASDAQ:CLDX) reported a proposed public offering of common stock.
The company, headquartered in Hampton, New Jersey, announced Monday the pricing of its previously announced underwritten public offering. Celldex is offering 13,377,926 shares of its common stock, par value $0.001 per share, at a price to the public of $9.75 per share.
In connection with the offering, Celldex has also granted the underwriter a 30-day option to purchase up to an additional 2,006,688 shares of common stock offered in the public offering, at the same public offering price per share less underwriting discounts and commissions.
Cantor Fitzgerald & Co. is acting as the sole book running manager for the offering. H.C. Wainwright & Co. is acting as co-manager for the offering.
The Company expects to receive gross proceeds from the offering, excluding the exercise of the underwriter’s option, if any, of approximately $130.4 million, excluding underwriting discounts and commissions and other offering-related expenses. Assuming the full exercise of the underwriter’s option, gross proceeds would be approximately $150 million.
Celldex intends to use the net proceeds from the offering to continue clinical and preclinical development of its product candidates and for general corporate purposes.
The offering is expected to close later this week, subject to customary closing conditions.
Celldex, according to Tuesday’s news release, "Celldex is developing targeted therapeutics to address devastating diseases for which available treatments are inadequate."
CLDX shares picked up 38 cents, or 3.6%, to $11.09.
