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<SEC-DOCUMENT>0001157523-09-001702.txt : 20090227
<SEC-HEADER>0001157523-09-001702.hdr.sgml : 20090227
<ACCEPTANCE-DATETIME>20090227070025
ACCESSION NUMBER:		0001157523-09-001702
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090227
DATE AS OF CHANGE:		20090227

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:		09639650

	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>a5905915.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-size: 10pt; font-family: Times New Roman">
    <hr style="width: 100%; text-align: center; height: 1.0 pt; color: #000000">
    <hr style="width: 100%; text-align: center; height: 1.0 pt; color: #000000">


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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt">PURSUANT
      TO SECTION 13 OR 15(d)</font><br><font style="font-family: Times New Roman; font-size: 12pt">OF
      THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported): &#160;</font><font style="font-family: Times New Roman; font-size: 10pt"><b>February
      27, 2009</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Celldex
      Therapeutics, Inc.</b></font><br><i><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font></i><br>
    </p>
    <hr style="width: 25%; text-align: center; height: 1.0 pt; color: #000000">


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

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="width: 33%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Commission file number <b>0-15006</b>
          </p>
        </td>
        <td style="width: 33%">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>13-3191702</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(State or other jurisdiction of</i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>incorporation or organization)</i>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(I.R.S. Employer</i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Identification No.)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 50%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>119 Fourth Avenue<br>Needham, Massachusetts 02494</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 25%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices, including zip code)</font></i>
          </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="color: #000000; height: 1.0 pt; width: 25%; text-align: center">


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


    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 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-size: 10pt; font-family: Times New Roman">Item
      2.02.&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</font>
    </p>
    <p>
      On February 27, 2009, Celldex Therapeutics, Inc. issued a press release
      announcing its financial results for the fourth 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.
    </p>
    <p>
      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.
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Item
      9.01.&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="4" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (d) Exhibits
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td style="width: 85%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 5%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release of Celldex Therapeutics, Inc., dated February 27,
            2009.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <br>
      [Remainder of page left blank intentionally]
    </p>
    <p>
      <br>
      <br>
      <br>
      <br>
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt">
      </font>
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 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-size: 10pt; font-family: Times New Roman">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="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="width: 6%">

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

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

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

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

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; width: 6%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; width: 44%; text-align: left">
          February 27, 2009
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; width: 4%; text-align: left">
          By:
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 4%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 42%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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 style="width: 4%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 42%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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="padding-left: 0.0px; width: 42%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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="padding-left: 0.0px; width: 42%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 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">
      <font style="font-size: 10pt; font-family: Times New Roman">Exhibit Index</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 12%; text-align: left">
          99.1
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 88%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release of Celldex Therapeutics, Inc., dated February 27,
            2009.
          </p>
        </td>
      </tr>
    </table>
    </div>
  </body>
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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>a5905915-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <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 Fourth Quarter and Fiscal 2008 Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-
      Conference Call Friday, February 27, at 9:00 a.m. Eastern Time -</b></font>
    </p>
    <p>
      NEEDHAM, Mass.--(BUSINESS WIRE)--February 27, 2009--Celldex
      Therapeutics, Inc. (NASDAQ: CLDX) today reported financial results for
      the fourth quarter and year ended December 31, 2008. Celldex reported a
      net loss of $7.5 million, or $0.47 per share, for the fourth quarter of
      2008 compared to a net loss of $4.2 million, or $0.51 per share, for the
      fourth quarter of 2007. For the year ended December 31, 2008, Celldex
      reported a net loss of $47.5 million, or $3.34 per share, compared to a
      net loss of $15.1 million, or $1.81 per share, for the year ended
      December 31, 2007. On March&#160;7, 2008, privately-held Celldex
      Therapeutics, Inc. completed its merger with a wholly-owned subsidiary
      of AVANT Immunotherapeutics and, effective October 1, 2008, AVANT
      changed its name 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 change 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 by increased revenues, investment and other
      income. The increase in net loss between fiscal years reflects increased
      operating expenses for the combined companies and non-cash charges of
      $19.6 million, or $1.38 per share, relating to $14.8 million of
      purchased in-process research and development and $4.8 million of
      stock-based compensation expense.
    </p>
    <p>
      At December 31, 2008, Celldex reported cash and cash equivalents of
      $44.3 million. This amount includes a $10.0 million milestone payment
      received during the fourth quarter from Paul Capital Healthcare upon
      GlaxoSmithKline&#8217;s U.S. launch of Rotarix&#174;. The Company believes that its
      cash and cash equivalents and expected sources of revenue will be
      sufficient to meet estimated working capital requirements and fund
      operations through 2010.
    </p>
    <p>
      &#8220;We believe our Precision Targeted Immunotherapy platform has the
      ability to open a new era in immunotherapy and potentially address a
      number of difficult-to-treat diseases,&#8221; said Anthony S. Marucci,
      Celldex&#8217;s President and Chief Executive Officer. &#8220;To this end, in 2008,
      we made significant progress advancing this platform and our pipeline,
      including entering into a substantial partnership with Pfizer and
      completing multiple strategic licensing arrangements to access
      synergistic technologies to enhance our core technology. At the same
      time we sold or out-licensed non-core assets to narrow our strategic
      focus. In 2009, we remain focused on advancing our ongoing clinical
      trials in glioblastoma multiforme (GBM) and in breast, colorectal,
      pancreatic, ovarian and bladder cancers and will move additional
      candidates from our Precision Targeted Immunotherapy Pipeline into
      clinical trials in the third quarter. Likewise, the strength of our cash
      position allows us to continue to explore in-licensing and business
      development opportunities that we believe support the discovery,
      development and commercialization of targeted immunotherapies.&#8221;
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 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>Fourth quarter and recent highlights:</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Amended the ongoing ACT III clinical trial for CDX-110 in patients
        with newly diagnosed GBM to convert the study to a single-arm Phase 2
        clinical trial in which all patients receive the study medication in
        combination with the current standard of care, temozolomide. ACT III
        will continue to enroll to approximately 60 patients. The Company&#8217;s
        decision to amend was based on the observation that the majority of
        patients randomized to the control (temozolomide alone) arm withdrew
        after learning they were not on the active arm of this open-label
        study.
      </li>
      <li style="margin-bottom: 10.0px">
        Announced initial results from multi-center Phase 1 clinical trials of
        its cancer vaccine candidate, CDX-1307, combined with GM-CSF in
        patients with advanced breast, lung, bladder or pancreatic cancers.
        Based on the safety and immunogenicity seen in these dose escalation
        studies, the Company intends to initiate a Phase 2 clinical trial of
        CDX-1307 in combination with selected TLR agonists in the second half
        of 2009.
      </li>
      <li style="margin-bottom: 10.0px">
        Entered into a license agreement with the University of Southampton,
        U.K., to develop human antibodies towards CD27, a potentially
        important target for immunotherapy of various cancers.
      </li>
      <li style="margin-bottom: 10.0px">
        Received a $10.0 million milestone payment from Paul Capital
        Healthcare on October 1, 2008, triggered by GlaxoSmithKline&#8217;s U.S.
        market launch of Rotarix&#174;.
      </li>
      <li style="margin-bottom: 10.0px">
        Divested non-core assets&#8212;entered into a worldwide fee- and
        royalty-bearing exclusive license and development agreement with
        Vaccine Technologies, Inc. (VTI) to develop and commercialize
        Celldex's CholeraGarde&#174; and ETEC vaccine programs and sold our poultry
        vaccines business.
      </li>
    </ul>
    <p>
      <b>Further Financial Highlights</b>
    </p>
    <p>
      The net loss of $7.5 million for the fourth quarter of 2008 increased
      $3.2 million when compared to the net loss for the same period in 2007.
      The 2008 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 and an increase in investment
      and other income when compared to 2007. Research and development (R&amp;D)
      expenses in the fourth quarter of 2008 increased by $6.0 million
      compared to R&amp;D expenses in 2007 due primarily to increased
      personnel-related expenses, royalty and license fee expenses, clinical
      trials costs for CDX-110 and CDX-1307 and facility-related costs.
      General and administrative (G&amp;A) expenses of $2.9 million in 2008
      approximated G&amp;A expense of $3.0 million in the fourth quarter of 2007.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 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>
      The twelve-month results for 2008 reflect an increase of $32.4 million
      in net loss compared to the same period in 2007. The increase in net
      loss reflects an increase in operating expenses due primarily to the
      combined operating expenses of the two companies from March 8 to
      December 31, 2008, and includes non-cash charges of $14.8 million for
      purchased in-process R&amp;D and $1.6 million and $3.2 million for
      stock-based compensation expense in R&amp;D and G&amp;A expense, respectively.
      The increase in operating expenses also resulted from higher G&amp;A
      expenses, which is primarily due to increases in personnel-related
      expenses and professional services costs for the combined companies. The
      increase in net loss was offset in part by an increase in investment and
      other income.
    </p>
    <p>
      Revenues for 2008 increased by $6.0 million compared with revenues for
      2007. The increase in product development and licensing revenue in 2008
      primarily reflects recognition of $2.9 million in Pfizer deferred
      revenue related to CDX-110 in 2008. 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 2008, Celldex also recognized $3.0 million in product
      royalty revenue related to offsetting royalty expense payable to
      Cincinnati Children&#8217;s Hospital. There was no product royalty revenue in
      2007.
    </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 of its wholly-owned
      subsidiary 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 December 31, 2008, the Company had approximately
      15.8&#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 for the current three- and twelve-month periods reflect the
      financial position, results of operation and cash flows of Celldex for
      the three- and twelve-month periods ended December 31, 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
      December 31, 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
      December 31, 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>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 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>
      <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 Friday, February 27, 2009, to discuss Celldex&#8217;s fourth quarter and
      twelve month 2008 financial results. To access the conference call, dial
      888-713-4213 (within the U.S.), or 617-213-4865 (if calling from outside
      the U.S.). The passcode for participants is 46614188. 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 52405186. 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>
    <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>
      <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. Forward-looking statements include statements with respect
      to our beliefs, plans, objectives, goals, expectations, anticipations,
      assumptions, estimates, intentions and future performance, and involve
      known and unknown risks, uncertainties and other factors, which may be
      beyond our control, and which may cause our actual results, performance
      or achievements to be materially different from future results,
      performance or achievements expressed or implied by such forward-looking
      statements. All statements other than statements of historical fact are
      statements that could be forward-looking statements. You can identify
      these forward-looking statements through our use of words such as &#8220;may,&#8221;
      &#8220;will,&#8221; &#8220;can,&#8221; &#8220;anticipate,&#8221; &#8220;assume,&#8221; &#8220;should,&#8221; &#8220;indicate,&#8221; &#8220;would,&#8221;
      &#8220;believe,&#8221; &#8220;contemplate,&#8221; &#8220;expect,&#8221; &#8220;seek,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221;
      &#8220;plan,&#8221; &#8220;point to,&#8221; &#8220;project,&#8221; &#8220;predict,&#8221; &#8220;could,&#8221; &#8220;intend,&#8221; &#8220;target,&#8221;
      &#8220;potential&#8221; and other similar words and expressions of the future.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 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>
      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 us. These factors include, but are not limited to: our
      ability to raise sufficient capital on terms acceptable to us, or at
      all; our ability to adopt our APC Targeting Technology<sup>TM</sup> to
      develop new, safe and effective vaccines against oncology and infectious
      disease indications; our ability to adapt our vectoring systems to
      develop new, safe and effective orally administered vaccines against
      disease causing agents; our ability to successfully complete product
      research and further development, including animal, preclinical and
      clinical studies, and commercialization of CDX-110, CDX-1307, Ty800,
      CDX-1135 (formerly TP10), and other products and the growth of the
      markets for those product candidates; the cost, timing, scope and
      results of ongoing safety and efficacy trials of CDX-110, CDX-1307,
      Ty800, CDX-1135 (formerly TP10), and other preclinical and clinical
      testing; the ability to negotiate strategic partnerships or other
      disposition transactions for our non-core programs, including CETi; our
      ability to manage multiple clinical trials for a variety of product
      candidates at different stages of development; the strategies and
      business plans of our partners, such as Pfizer's plans for CDX-110,
      GlaxoSmithKline&#8217;s plans with respect to Rotarix&#174; and Vaccine
      Technologies&#8217; plans concerning the CholeraGarde&#174; (Peru-15) and ETEC E.
      coli vaccines, which are not within our control, and our ability to
      maintain strong, mutually beneficial relationships with those partners;
      our ability to develop technological capabilities and expand our focus
      to broader markets for vaccines; the availability, cost, delivery and
      quality of clinical and commercial grade materials produced our own
      manufacturing facility or supplied by contract manufacturers and
      partners; the timing, cost and uncertainty of obtaining regulatory
      approvals for product candidates; our ability to develop and
      commercialize products before competitors that are superior to the
      alternatives developed by such competitors; the validity of our patents
      and our ability to avoid intellectual property litigation, which can be
      costly and divert management time and attention; and the other factors
      listed under &#8220;Risk Factors&#8221; in our annual report on Form 10-K.
    </p>
    <p>
      All forward-looking statements are expressly qualified in their entirety
      by this cautionary notice. You are cautioned not to place undue reliance
      on any forward-looking statements, which speak only as of the date of
      this release. We have no obligation, and expressly disclaim any
      obligation, to update, revise or correct any of the forward-looking
      statements, whether as a result of new information, future events or
      otherwise.
    </p>
    <p style="text-align: center">
      <i>-table follows-</i>
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 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="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="18" valign="top" style="padding-left: 0.0px; text-align: center">
          <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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          <b>CONSOLIDATED STATEMENTS</b>
        </td>
        <td>

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

        </td>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          <b>OF OPERATIONS DATA</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          <b>December 31,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          <b>2007</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          <b>2007</b>
        </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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          <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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          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="padding-left: 5.0px; text-align: left">
          Licensing Agreements
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,480,147
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          3,715,957
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          466,156
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          113,978
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          266,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          533,182
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          939,436
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,394,237
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          -
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          3,206,368
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          -
        </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 colspan="2" valign="top" style="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          2,988,362
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          383,394
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          7,455,507
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,405,592
        </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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          <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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          Research and Development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          7,603,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,621,518
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          26,347,189
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          9,891,709
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,921,925
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          3,021,487
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          14,747,392
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          6,905,487
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          361,006
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          116,932
        </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 colspan="2" valign="top" style="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          10,629,735
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          4,672,238
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          56,211,495
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          16,914,128
        </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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          Operating Loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (7,641,373
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (4,288,844
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (48,755,988
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (15,508,536
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </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 colspan="2" valign="top" style="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          Investment and Other 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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          188,152
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          60,352
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,255,417
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          435,486
        </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 colspan="2" valign="top" style="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          Net Loss
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (7,453,221
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (4,228,492
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (47,500,571
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (15,073,050
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          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="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          Common Share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (0.47
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (0.51
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (3.34
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (1.81
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          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="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          15,772,922
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          14,217,388
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          <b>CONDENSED CONSOLIDATED</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 colspan="2" valign="top" style="padding-left: 5.0px; border-bottom: solid black 1.0pt; text-align: left">
          <b>BALANCE SHEETS</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          <b>December 31,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          <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 colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          <b>2007</b>
        </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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          <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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          Cash and Cash Equivalents
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          44,257,286
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,819,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          Property and Equipment, net
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          13,567,180
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-bottom: 2.0px; padding-left: 5.0px; text-align: left">
          Intangible and Other Assets, net
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          9,149,611
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,758,096
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          69,793,235
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          9,374,505
        </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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          <b>LIABILITIES AND STOCKHOLDERS' EQUITY</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 colspan="2" valign="top" style="padding-left: 5.0px; text-align: left">
          Current Liabilities
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          14,101,586
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          10,136,441
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          37,557,970
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-bottom: 2.0px; padding-left: 5.0px; text-align: left">
          Stockholders' Equity (Deficit)
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          18,133,679
        </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="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (1,131,897
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 5.0px; text-align: left">
          Total Liabilities and Stockholders' Equity (Deficit)
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          69,793,235
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          9,374,505
        </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>
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