Benzinga | Jul 14, 2021 06:41AM EDT

Celldex Therapeutics Raises $250M Via Equity To Support Development Of Skin Disease Candidate

* Celldex Therapeutics Inc (NASDAQ:CLDX) has priced an underwritten public offering of around 5.9 million shares at $42.00 per share, representing a discount of about 6% from the last close price of $44.6 on Tuesday.

* Gross proceeds are expected to approximately $250 million.

* The Company previously announced to offer $175 million in shares.

* Underwriters have an option to purchase up to an additional 892,857 shares.

* Jefferies, SVB Leerink, Guggenheim Securities, and Cantor are acting as the joint book-running managers for the offering.

* LifeSci Capital LLC and H.C. Wainwright & Co. are acting as co-lead managers for the offering.

* Celldex will use the proceeds to fund the development of CDX-0159 and for general corporate purposes.

* The offering will close by July 16.

* Recently, the Company shared positive Phase 1b trial data of CDX-0159 in patients with antihistamine refractory cold urticaria and symptomatic dermographism.

* Price Action: CLDX shares are down 2.65% at $43.42 premarket on the last check Wednesday.