Cash position: Payment, cash equivalents and marketable securities were $206.9 million at June 30, 2020, compared to $53.7 million at March 31, 2020. This increase was primarily due to net proceeds of $141.4 million from our June 2020 IPO and $23.7 million in net proceeds from the sale of common shares as part of our equitation agreement with Cantor in the second quarter prior to the June offer. These increases were offset by $11.2 million in cash allocated to operating activity in the second quarter. We may enter into partnerships for the co-development and commercialization of our drug candidates, including glembatumumab vedotin. The process of identifying staff and negotiating cooperation agreements for the licensing, development and final commercialization of some of our drug applicants can lead to delays and higher costs. We may not be able to conclude cooperation agreements on favourable terms. In addition, some of these agreements may give the employee an essential responsibility to our drug candidates. Some staff may not be able or willing to provide sufficient resources for the development of our drug candidates, as required by their agreements. They often face similar business risks to ours, which could hinder their efforts. In addition, employees can use their resources for products that compete with ours. If an employee of one of our products does not develop successfully, we must find another HAMPTON, N.J., March 29, 2021 (GLOBE NEWSWIRE) — Celldex Therapeutics, Inc. (NASDAQ:CLDX) today reported business and financial highlights for the fourth quarter and year ending December 31, 2020. “Celldex has made significant progress in our pipeline in 2020 and today continued this momentum by announcing compelling interim results from our ongoing Phase 1b study with CDX-0159 in a chronic inductive hives, where we observed a complete response rate of 80% and a well-tolerated safety profile,” said Anthony Marucci, Co-Founder, President and CEO of Celldex Therapeutics.
“These data support the new mechanism of CDX-0159 and the potential applicability of this compound to mast cell-based diseases. Based on these results, we are expanding the study to patients with cholinergic hives and look forward to presenting this summer the updated results of cold-induced and symptomatic dermograph cohorts. We are also starting from the results of the ongoing Phase 1b study in spontaneous chronic hives by the end of the year and we are on track to launch a third study with prurigo nodularis in the fourth trimester. “In 2020, we also developed our oncology programs by introducing data from our CDX-1140 program to the clinic, which supports this candidate as the most unclassifiable cd40 agonist, and by launching a Phase 1 study of CDX-527, the first candidate of our bi-specific platform. We expect updates to the data for these two programs this year and look forward to a busy and exciting time for the company. The Latest Pipeline Highlights While Celldex`s clinical development programs have not yet been significantly influenced by COVID-19, the company continues to closely monitor the evolving situation in all development programs and is working to minimize potential effects/disruptions. CDX-0159 – a humanized monoclonal antibody developed by Celldex, which binds the kit receptor to high specificity and strongly inhibits its activity. KIT receptor tyrosine kinase is expressed in a variety of cells, including mast cells, that transmit inflammatory reactions such as hypersensitivity and allergic reactions. KIT signaling controls the differentiation, tissue recruitment, survival and activity of fattening cells.