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<SEC-DOCUMENT>0001157523-08-008852.txt : 20081105
<SEC-HEADER>0001157523-08-008852.hdr.sgml : 20081105
<ACCEPTANCE-DATETIME>20081105080018
ACCESSION NUMBER:		0001157523-08-008852
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081105
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081105
DATE AS OF CHANGE:		20081105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Celldex Therapeutics, Inc.
		CENTRAL INDEX KEY:			0000744218
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				133191702
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15006
		FILM NUMBER:		081162388

	BUSINESS ADDRESS:	
		STREET 1:		119 FOURTH AVE
		CITY:			NEEDHAM
		STATE:			MA
		ZIP:			02494
		BUSINESS PHONE:		7814330771

	MAIL ADDRESS:	
		STREET 1:		119 FOURTH AVE
		CITY:			NEEDHAM
		STATE:			MA
		ZIP:			02494-2725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVANT IMMUNOTHERAPEUTICS INC
		DATE OF NAME CHANGE:	19980828

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	T CELL SCIENCES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5822207.htm
<DESCRIPTION>CELLDEX THERAPEUTICS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 100%">
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 100%">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman">PURSUANT
      TO SECTION 13 OR 15(d)</font><br><font style="font-size: 12pt; font-family: Times New Roman">OF
      THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): &#160;</font><font style="font-size: 10pt; font-family: Times New Roman"><b>November
      5, 2008</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Celldex
      Therapeutics, Inc.</b></font><br><i><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></i><br>
    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 25%">


    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Commission file number <b>0-15006</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>13-3191702</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(State or other jurisdiction of</i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>incorporation or organization)</i>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(I.R.S. Employer</i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Identification No.)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 25%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>119 Fourth Avenue<br>Needham, Massachusetts 02494</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 25%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(Address of principal executive offices, including zip code)</i>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 25%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>(781)
      433-0771</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt">(</font><i><font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code)</font></i><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt">AVANT
      Immunotherapeutics, Inc.</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><i><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name, if changed since last report) </font></i><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <hr style="text-align: center; color: #000000; height: 1.0 pt; width: 25%">


    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman">
      </font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman">
      </font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman">
      </font><font style="font-family: Times New Roman; font-size: 10pt">Check
      the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      &#160;&#160;Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      &#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      &#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      &#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c)) </font>
    </p>
    <p>
      <br>
      <br>

    </p>
    <hr style="text-align: center; color: #000000; height: 1.0 pt; width: 100%">
    <hr style="text-align: center; color: #000000; height: 1.0 pt; width: 100%">


    <p>

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Item
      2.02.&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">On November
      5, 2008, Celldex Therapeutics, Inc. issued a press release announcing
      its financial results for the third quarter of 2008.&#160;&#160;The full text of
      the press release is furnished as Exhibit 99.1 hereto and is
      incorporated by reference herein.</font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">The
      information in this Item 2.02 of this Current Report on Form 8-K and
      Exhibit 99.1 attached hereto shall not be deemed &#8220;filed&#8221; for purposes of
      Section 18 of the Securities Exchange Act of 1934, as amended (the
      &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that
      Section, nor shall such information be deemed incorporated by reference
      in any filing under the Securities Act of 1933, as amended (the
      &#8220;Securities Act&#8221;), or the Exchange Act, except as shall be expressly set
      forth by specific reference in such a filing.</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Item
      9.01.&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (d) &#160;Exhibits
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 10%">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 90%">
          Press Release of Celldex Therapeutics, Inc., dated November 5, 2008.
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; margin-left: 60.0px">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, as amended, the
      registrant has duly caused this report to be </font>filed <font style="font-family: Times New Roman; font-size: 10pt">on
      its behalf by the undersigned hereunto duly authorized.</font>
    </p>
    <p>
      <br>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Celldex Therapeutics, Inc.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 44%; padding-bottom: 2.0px">
          November 5, 2008
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 4%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 42%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Avery W. Catlin
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 42%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Avery W. Catlin
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 42%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 42%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Exhibit Index</font>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 12%">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 88%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of Celldex Therapeutics, Inc., dated November 5,
            2008.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5822207_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Celldex
      Reports Third Quarter and Nine Month Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-
      Conference Call Wednesday, November 5, at 9:00 a.m. Eastern Time -</b></font>
    </p>
    <p>
      NEEDHAM, Mass.--(BUSINESS WIRE)--November 5, 2008--Celldex Therapeutics,
      Inc. (NASDAQ: CLDX) today reported financial results for the third
      quarter and nine-month period ended September 30, 2008. Celldex reported
      a net loss of $7.7 million, or $0.50 per share, for the third quarter of
      2008 compared to a net loss of $4.1 million, or $0.49 per share, for the
      third quarter of 2007. For the nine months ended September 30, 2008,
      Celldex reported a net loss of $40.0 million, or $3.16 per share,
      compared to a net loss of $10.8 million, or $1.31 per share, for the
      nine months ended September 30, 2007. Effective October 1, 2008, the
      Company changed its name from AVANT Immunotherapeutics, Inc. to Celldex
      Therapeutics, Inc.
    </p>
    <p>
      The 2007 financial results reflect the activities of pre-merger,
      privately-held Celldex only. As discussed in further detail later in
      this release, the increase in net loss between the three-month periods
      was primarily due to increased operating expenses as a result of the
      merger of AVANT and Celldex, offset partially by increased revenues and
      investment and other income. The increase in net loss between the
      nine-month periods was primarily due to increased operating expenses for
      the combined companies and non-cash charges of $19.1 million, or $1.50
      per share, relating to $14.8 million of purchased in-process research
      and development and $4.3 million of stock-based compensation expense. At
      September 30, 2008, Celldex reported cash and cash equivalents of $42.7
      million. This amount does not include a $10 million milestone payment
      from Paul Capital Healthcare upon GlaxoSmithKline&#8217;s U.S. launch of
      Rotarix&#174;, which was received on October 1, 2008. The decrease in cash
      and cash equivalents of $9.7 million from June 30, 2008 includes
      one-time cash payments to licensors of $3.5 million for sublicense fees
      and approximately $0.7 million in equipment purchases required to
      convert our Fall River facility to cell culture manufacturing. The
      Company believes that its current cash and cash equivalents together
      with the payment received from Paul Capital Healthcare will be
      sufficient to meet estimated working capital requirements and fund
      operations into the second half of 2010.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      &#8220;Celldex continues to make significant progress in its ongoing clinical
      trials,&#8221; said Anthony S. Marucci, Celldex&#8217;s President and Chief
      Executive Officer. &#8220;We have established a positive relationship with our
      partner Pfizer and together are developing the clinical pathway to
      commercialization for CDX-110 in glioblastoma multiforme. We are
      actively enrolling patients in two parallel Phase 1 dose-escalation
      studies of CDX-1307 in metastatic or locally advanced breast,
      colorectal, pancreatic, ovarian and bladder cancers. The ten million
      dollar milestone payment for the launch of Rotarix<sup>&#174;</sup>
      further adds to an already strong cash position and will support our
      plans to advance additional candidates from our Precision Targeted
      Immunotherapy Pipeline into clinical trials in 2009.&#8221;
    </p>
    <p>
      Key 2008 events this quarter include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Appointed Anthony S. Marucci as President and Chief Executive Officer
        of the Company. Mr. Marucci had served as interim President and Chief
        Executive Officer since May 2008.
      </li>
      <li style="margin-bottom: 10.0px">
        Changed the Company's name to Celldex Therapeutics to more accurately
        reflect the Company&#8217;s expertise and focus on developing therapeutic
        vaccines and antibodies, including Celldex&#8217;s proprietary Precision
        Targeted Immunotherapy Platform of monoclonal antibodies,
        antibody-targeted vaccines and immunomodulators to create novel
        disease-specific drug candidates.
      </li>
      <li style="margin-bottom: 10.0px">
        Received a $10 million milestone payment from Paul Capital Healthcare
        on October 1, 2008, triggered by Glaxo&#8217;s market launch of Rotarix&#174;.
      </li>
      <li style="margin-bottom: 10.0px">
        Presented at the 28th Annual Canaccord Adams Global Growth Conference
        in August and the UBS 2008 Global Life Sciences Conference in
        September.
      </li>
    </ul>
    <p>
      <b>Further Financial Highlights</b>
    </p>
    <p>
      The net loss for the third quarter of 2008 showed an increase of $3.6
      million compared to the net loss for the same period in 2007. The
      increase in net loss reflected an increase in operating expenses which
      includes the combined operations of AVANT and Celldex post-merger,
      offset in part by an increase in revenues. The increase in net loss also
      reflected an increase in investment and other income. Research and
      development (R&amp;D) expenses in the third quarter of 2008 increased $3.5
      million compared to R&amp;D expenses in 2007 due primarily to sublicense
      fees payable and increased clinical trials costs for CDX-110 and
      CD-1307. General and administrative (G&amp;A) expenses increased $2.9
      million due primarily to stock-based compensation expense of $1.4
      million and increased professional services expenses.
    </p>
    <p>
      The nine-month results for 2008 reflect an increase in net loss compared
      to the same period in 2007. The increase in net loss reflected an
      increase in operating expenses due primarily to the combined operating
      expenses of the two companies from March 8 to September 30, 2008,
      including a non-cash charge of $14.8 million for purchased in-process
      R&amp;D and non-cash charges of $1.4 million and $2.9 million for
      stock-based compensation expense in R&amp;D expense and G&amp;A expense,
      respectively. The increase in operating expenses also resulted from
      higher general and administrative expenses, which is primarily due to
      increases in personnel-related expenses and professional services costs
      for the combined companies. The increase in net loss also reflected an
      increase in investment and other income.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Revenues for the first nine months of 2008 increased compared with
      revenues for the first nine months of 2007. The increase in product
      development and licensing revenue in 2008 primarily reflects recognition
      of $0.5 million and $1.0 million in Pfizer deferred revenue related to
      CDX-110 in the second and third quarters of 2008, respectively. The
      decrease in contracts and grants revenue in 2008 compared to 2007
      primarily reflects reduced levels of vaccine development work billable
      to Rockefeller University between periods. In the first nine months of
      2008, Celldex also recognized $1.7 million in product royalty revenue
      related to offsetting royalty expense payable to Cincinnati Children&#8217;s
      Hospital (CCH).
    </p>
    <p>
      <u><i>Important Information Related to Celldex&#8217;s Financial Results</i></u>
    </p>
    <p>
      On March&#160;7, 2008, the Company completed the merger with privately-held
      Celldex Therapeutics, Inc. In connection with the merger, the Company&#8217;s
      board of directors approved a 1-for-12 reverse stock split of its common
      stock, which became effective on March&#160;7, 2008. As of September 30,
      2008, the Company had approximately 15.7&#160;million shares outstanding.
      Effective October 1, 2008, the Company changed its name to Celldex
      Therapeutics, Inc.
    </p>
    <p>
      The merger was accounted for using the purchase method of accounting and
      was treated as an acquisition by Celldex of AVANT with Celldex being
      considered the accounting acquirer even though AVANT was the issuer of
      common stock and surviving legal entity in the transaction. Because
      Celldex was determined to be the acquirer for accounting purposes, the
      historical financial statements of Celldex became the historical
      financial statements of the Company. Accordingly, the financial
      statements of the Company prior to the merger reflect the financial
      position, results of operations and cash flows of pre-merger,
      privately-held Celldex only. Following the merger, the financial
      statements of the current three- and nine-month periods reflect the
      financial position, results of operation and cash flows of Celldex for
      the three- and nine-month periods ended September 30, 2008 combined with
      the results of operations of AVANT beginning March&#160;8, 2008. Accordingly,
      the attached financial information reflects the financial condition,
      results of operations and liquidity of the Company at September&#160;30, 2008
      and historically of pre-merger Celldex on a stand-alone basis for all
      periods prior to March&#160;8, 2008. The financial condition, results of
      operations and liquidity of the Company as of September&#160;30, 2008 and
      2007 may not be indicative of the Company&#8217;s future performance or
      reflect what the Company&#8217;s financial conditions, results of operations
      and liquidity would have been had the merger been consummated as of
      January&#160;1 of each respective year or had the Company operated as a
      separate, stand-alone entity during the periods presented.
    </p>
    <p>
      <u><i>Webcast and Conference Call</i></u>
    </p>
    <p>
      Celldex will host a conference call and live audio webcast at 9:00 AM ET
      on Wednesday, November 5, 2008, to discuss Celldex&#8217;s third quarter and
      nine month 2008 financial results. To access the conference call, dial
      888-713-4218 (within the U.S.), or 617-213-4870 (if calling from outside
      the U.S.). The passcode for participants is 39268860. An audio replay
      will be available approximately two hours after the call for
      approximately one week and can be accessed by dialing 888-286-8010
      (within the U.S.), or 617-801-6888 (if calling from outside the U.S.).
      The passcode I.D. number is 47192601. The replay will also be broadcast
      via the Company&#8217;s website, <u>www.celldextherapeutics.com</u>,
      after the live call. Additionally, a copy of this press release is
      available by contacting Investor Relations at 781-433-0771.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>About Celldex Therapeutics, Inc.</b>
    </p>
    <p>
      Celldex Therapeutics is an integrated biopharmaceutical company that
      applies its comprehensive Precision Targeted Immunotherapy Platform to
      generate a pipeline of candidates to treat cancer and other
      difficult-to-treat diseases. Celldex&#8217;s immunotherapy platform includes a
      complementary portfolio of monoclonal antibodies, antibody-targeted
      vaccines and immunomodulators to create novel disease-specific drug
      candidates. For more information, please visit <u>http://www.celldextherapeutics.com</u>.
    </p>
    <p>
      <i><b>Safe Harbor Statement Under the Private Securities Litigation
      Reform Act of 1995: </b>This release includes forward-looking statements
      that are subject to a variety of risks and uncertainties and reflect
      Celldex&#8217;s current views with respect to future events and financial
      performance. There are a number of important factors that could cause
      the actual results to differ materially from those expressed in any
      forward-looking statement made by Celldex.. These factors include, but
      are not limited to: (1) the successful integration of the businesses,
      multiple technologies and programs of the two companies that merged
      together in 2008 to form our Company, Celldex and AVANT; (2) the ability
      to adopt Celldex&#8217;s APC Targeting Technology<sup>TM</sup> to
      develop new, safe and effective vaccines against oncology and infectious
      disease indications; (3) the ability to adapt Celldex&#8217;s vectoring
      systems to develop new, safe and effective orally administered vaccines
      against disease causing agents; (4) the ability to successfully complete
      product research and further development, including animal, preclinical
      and clinical studies, and commercialization of CDX-110, CDX-1307,
      CholeraGarde&#174; (Peru-15), Ty800, ETEC E. coli vaccine, and other products
      and Celldex&#8217;s expectations regarding market growth; (5) the cost,
      timing, scope and results of ongoing safety and efficacy trials of
      CDX-110, CDX-1307, CholeraGarde&#174; (Peru-15), Ty800, ETEC E. coli vaccine
      and other preclinical and clinical testing; (6) the ability to negotiate
      strategic partnerships or other disposition transactions for Celldex&#8217;s
      cardiovascular programs, including TP10 and CETi; (7) the ability of
      Celldex to manage multiple clinical trials for a variety of product
      candidates; (8)&#160;the volume and profitability of product sales of Megan<sup>&#174;</sup>Vac
      1, Megan<sup>&#174;</sup>Egg and other future products;
      (9)&#160;GlaxoSmithKline&#8217;s, or Glaxo&#8217;s, process of obtaining regulatory
      approval for the sale of Rotarix<sup>&#174;</sup> in major commercial
      markets, as well as the timing and success of worldwide
      commercialization of Rotarix<sup>&#174;</sup> by Glaxo, which is not
      within our control; (10)&#160;Glaxo&#8217;s strategy and business plans to launch
      and supply Rotarix<sup>&#174;</sup> worldwide, including in the U.S. and
      other major markets, which is not within our control, and its payment of
      royalties to Celldex; (11)Pfizer&#8217;s and our strategy and business plans
      concerning the continued development and commercialization of CDX-110;
      (12) Celldex&#8217;s expectations regarding its technological capabilities and
      expanding its focus to broader markets for vaccines; (13) changes in
      existing and potential relationships with corporate collaborators; (14)
      the availability, cost, delivery and quality of clinical and commercial
      grade materials produced at Celldex&#8217;s own manufacturing facility or
      supplied by contract manufacturers and partners; (15) the timing, cost
      and uncertainty of obtaining regulatory approvals; (16) Celldex&#8217;s
      ability to develop and commercialize products before competitors that
      are superior to the alternatives developed by such competitors; (17)
      Celldex&#8217;s ability to retain certain members of management;(18) Celldex&#8217;s
      expectations regarding research and development expenses and general and
      administrative expenses; (19) Celldex&#8217;s expectations regarding cash
      balances, capital requirements, anticipated royalty payments, revenues
      and expenses, including infrastructure expenses; (20)&#160;the ability to
      obtain substantial additional funding; (21) Celldex&#8217;s belief regarding
      the validity of our patents and potential litigation; and (22) certain
      other factors that might cause Celldex&#8217;s actual results to differ
      materially from those in the forward-looking statements including those
      set forth under the headings &#8220;Business,&#8221; &#8220;Risk Factors&#8221; and
      &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results
      of Operations&#8221; in each of Celldex&#8217;s Annual Report on Form 10-K, its
      current Reports on Form 8-K, as well as those described in Celldex&#8217;s
      other press releases and filings with the Securities and Exchange
      Commission, from time to time. You should carefully review all of these
      factors, and you should be aware that there may be other factors that
      could cause these differences.</i> <i>These forward-looking statements
      were based on information, plans and estimates at the date of this press
      release, and Celldex does not promise to update any forward-looking
      statements to reflect changes in underlying assumptions or factors, new
      information, future events or other changes.</i>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="18">
          <b>CELLDEX THERAPEUTICS, INC.</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          <b>CONSOLIDATED STATEMENTS</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Quarter</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Nine Months</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" colspan="2">
          <b>OF OPERATIONS DATA</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="7">
          <b>Ended September 30,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="7">
          <b>Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <b>2007</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <b>2007</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          <b>REVENUE</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          Product Development and
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Licensing Agreements
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          1,245,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          116,539
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          2,235,810
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          349,617
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          Government Contracts and Grants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          137,685
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          152,435
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          419,204
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          672,581
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" colspan="2">
          Product Royalties
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          975,009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          1,812,131
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" colspan="2">
          Total Revenue
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          2,358,136
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          268,974
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          4,467,145
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          1,022,198
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          <b>OPERATING EXPENSE</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          Research and Development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          6,626,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3,111,002
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          18,743,353
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          8,270,191
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          General and Administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          4,206,081
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          1,306,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          11,825,467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          3,884,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          Charge for Purchased In-Process
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Research and Development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,755,908
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" colspan="2">
          Amortization of Acquired Intangible Assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          103,974
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          29,233
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          257,032
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          87,699
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" colspan="2">
          Total Operating Expense
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          10,936,114
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          4,446,235
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          45,581,760
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          12,241,890
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          Operating Loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (8,577,978
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (4,177,261
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (41,114,615
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          (11,219,692
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" colspan="2">
          Investment Income, Net
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          921,820
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          120,243
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          1,067,265
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          375,134
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt" colspan="2">
          Net Loss
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (7,656,158
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (4,057,018
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (40,047,350
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (10,844,558
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          Basic and Diluted Net Loss per
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          Common Share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (0.50
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (0.49
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (3.16
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (1.31
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          Weighted Average Common
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          Shares Outstanding
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          15,227,475
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          8,309,420
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          12,677,455
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          8,309,420
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="6">
          <b>CONDENSED CONSOLIDATED</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="6">
          <b>BALANCE SHEETS</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3">
          <b>September 30,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          <b>2007</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="2">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="6">
          Cash and Cash Equivalents
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          42,697,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          4,909,530
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="6">
          Other Current Assets
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          12,863,502
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          788,843
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="6">
          Property and Equipment, net
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          14,190,971
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          1,918,036
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" colspan="10">
          Intangible and Other Assets, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          9,433,834
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          1,758,095
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 4.0px">
          Total Assets
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          79,185,535
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          9,374,504
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="10">
          <b>LIABILITIES AND STOCKHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="6">
          Current Liabilities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          18,424,329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          10,136,440
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="6">
          Long-Term Liabilities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          36,923,478
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px">
          369,961
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" colspan="6">
          Stockholders' Equity
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          23,837,728
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          (1,131,897
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" colspan="9">
          Total Liabilities and Stockholders' Equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          79,185,535
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt">
          9,374,504
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Celldex Therapeutics, Inc.<br>Anthony S. Marucci,
      781-433-0771<br>President and CEO<br>or<br>Celldex Therapeutics, Inc.<br>Avery
      W. Catlin, 781-433-0771<br>Chief Financial Officer<br><u>IR@celldextherapeutics.com</u><br>or<br><u>For
      Media:</u><br>BMC Communications Group<br>Dan Budwick, 973-271-6085<br><u>dbudwick@bmccommunications.com</u>
    </p>
    <p>

    </p>
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