CELLDEX THERAPEUTICS, INC (CLDX, Financial) filed Quarterly Report for the period ended 2012-09-30.
Celldex Therapeutics, Inc. has a market cap of $324.6 million; its shares were traded at around $5.6 with and P/S ratio of 35.
Royalty expenses include product royalty and sublicense royalty fees on our out-licensed programs. The $0.7 million increase in royalty expenses for the three months ended September 30, 2012 compared to the three months ended September 30, 2011 was due to an increase in Rotarix® related royalty fees. Our retained interests in Rotarix® net royalties which were not sold to PRF are recorded as product royalty revenue and a corresponding amount that is payable to CCH is recorded as royalty expense.
The $0.2 million increase in contract and grant revenue for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011 was due to an APC Targeting Technology-based HIV vaccine being funded through a SBIR grant in collaboration with Rockefeller University. The $0.5 million increase in product royalty revenue for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011 was related to our retained interests in Rotarix® net royalties which were not sold to PRF and which is equal to the amount payable to CCH and recognized in royalty expense by us.
In January 2011, we entered into a controlled equity offering sales agreement (the Cantor Agreement) with Cantor Fitzgerald & Co. (Cantor) pursuant to which we could issue and sell up to 5,000,000 shares of our common stock from time to time through Cantor, acting as agent. During the year ended December 31, 2011, we issued 575,000 shares of common stock under the Cantor Agreement and raised $2.2 million in net proceeds, after deducting commission and offering expenses. In January 2012, we issued 2,450,000 shares of common stock under the Cantor Agreement and raised $8.5 million in net proceeds. During the three months ended September 30, 2012, we issued the remaining 1,975,000 shares available to be sold under the Cantor Agreement and raised $10.6 million in net proceeds.
In September 2012, we and Cantor amended the Cantor Agreement (the Cantor Amendment) to allow us to issue and sell additional shares of our common stock having an aggregate offering price of up to $44.0 million from time to time through Cantor, acting as agent. Under the Cantor Amendment, we will pay Cantor a fixed commission rate of 3.0% of the gross sales price per share of any common stock sold through Cantor, as agent. The Cantor Amendment terminates upon ten day notice by either Cantor or us. In September and October 2012, we issued 57,100 and 1,167,770 shares under the Cantor Amendment and raised $0.3 million and $7.0 million in net proceeds, respectively. At October 30, 2012, we had $36.4 million remaining in aggregate offering price available under the Cantor Amendment.
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Celldex Therapeutics, Inc. has a market cap of $324.6 million; its shares were traded at around $5.6 with and P/S ratio of 35.
Highlight of Business Operations:
The $0.1 million increase in contracts and grants revenue for the three months ended September 30, 2012 compared to the three months ended September 30, 2011 was due to an APC Targeting Technology-based HIV vaccine being funded through a Small Business Innovation Research, or SBIR, grant in collaboration with Rockefeller University. The $0.7 million increase in product royalty revenue for the three months ended September 30, 2012 compared to the three months ended September 30, 2011 was related to our retained interests in Rotarix® net royalties which were not sold to PRF and which is equal to the amount payable to CCH and recognized in royalty expense by us.Royalty expenses include product royalty and sublicense royalty fees on our out-licensed programs. The $0.7 million increase in royalty expenses for the three months ended September 30, 2012 compared to the three months ended September 30, 2011 was due to an increase in Rotarix® related royalty fees. Our retained interests in Rotarix® net royalties which were not sold to PRF are recorded as product royalty revenue and a corresponding amount that is payable to CCH is recorded as royalty expense.
The $0.2 million increase in contract and grant revenue for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011 was due to an APC Targeting Technology-based HIV vaccine being funded through a SBIR grant in collaboration with Rockefeller University. The $0.5 million increase in product royalty revenue for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011 was related to our retained interests in Rotarix® net royalties which were not sold to PRF and which is equal to the amount payable to CCH and recognized in royalty expense by us.
In January 2011, we entered into a controlled equity offering sales agreement (the Cantor Agreement) with Cantor Fitzgerald & Co. (Cantor) pursuant to which we could issue and sell up to 5,000,000 shares of our common stock from time to time through Cantor, acting as agent. During the year ended December 31, 2011, we issued 575,000 shares of common stock under the Cantor Agreement and raised $2.2 million in net proceeds, after deducting commission and offering expenses. In January 2012, we issued 2,450,000 shares of common stock under the Cantor Agreement and raised $8.5 million in net proceeds. During the three months ended September 30, 2012, we issued the remaining 1,975,000 shares available to be sold under the Cantor Agreement and raised $10.6 million in net proceeds.
In September 2012, we and Cantor amended the Cantor Agreement (the Cantor Amendment) to allow us to issue and sell additional shares of our common stock having an aggregate offering price of up to $44.0 million from time to time through Cantor, acting as agent. Under the Cantor Amendment, we will pay Cantor a fixed commission rate of 3.0% of the gross sales price per share of any common stock sold through Cantor, as agent. The Cantor Amendment terminates upon ten day notice by either Cantor or us. In September and October 2012, we issued 57,100 and 1,167,770 shares under the Cantor Amendment and raised $0.3 million and $7.0 million in net proceeds, respectively. At October 30, 2012, we had $36.4 million remaining in aggregate offering price available under the Cantor Amendment.
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