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<SEC-DOCUMENT>0001157523-09-007639.txt : 20091104
<SEC-HEADER>0001157523-09-007639.hdr.sgml : 20091104
<ACCEPTANCE-DATETIME>20091104073015
ACCESSION NUMBER:		0001157523-09-007639
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091104
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091104
DATE AS OF CHANGE:		20091104

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:		091156247

	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>a6091089.htm
<DESCRIPTION>CELLDEX THERAPEUTICS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2009 Business Wire, a Berkshire Hathaway company.-->
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  <body style="font-size: 10pt; font-family: Times New Roman">
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">UNITED STATES</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">SECURITIES
      AND EXCHANGE COMMISSION</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-family: Times New Roman; font-size: 10pt">WASHINGTON,
      D.C. 20549</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-family: Times New Roman; font-size: 10pt"><b>FORM
      8-K</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><br>CURRENT
      REPORT<br><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-family: Times New Roman; font-size: 10pt">PURSUANT
      TO SECTION 13 OR 15(d) OF</font><br><font style="font-family: Times New Roman; font-size: 10pt">THE
      SECURITIES EXCHANGE ACT OF 1934</font><font style="font-size: 10pt"><br style="font-size: 10pt"></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>November
      4, 2009</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>CELLDEX
      THERAPEUTICS, INC.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br>
    </p>
    <p style="text-align: center">
      <br>

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

    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; width: 50%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>119 Fourth Avenue<br>Needham, Massachusetts 02494-2725</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 25%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="bottom" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices) (Zip Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>(781)
      433-0771</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman">(Registrant&#8217;s
      telephone number, including area code)</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; 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="white-space: nowrap">
      Item 2.02.&#160;&#160;Results of Operations and Financial Condition.<br>
    </p>
    <p>
      On November 4, 2009, Celldex Therapeutics, Inc. issued a press release
      announcing its financial results for the third quarter of 2009.&#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>

    </p>
    <p style="white-space: nowrap">
      Item 9.01.&#160;&#160;Financial Statements and Exhibits.<br>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; width: 15%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>(d) Exhibits</u>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 83%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 15%; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="text-align: left; width: 83%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of Celldex Therapeutics, Inc., dated November 4,
            2009.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <br>
      <br>
      [Remainder of page left blank intentionally]
    </p>
    <p style="text-align: center">
      <br>
      <br>

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

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Celldex Therapeutics, Inc.
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 25%; padding-left: 0.0px; padding-bottom: 2.0px">
          November 4, 2009
        </td>
        <td style="width: 20%">

        </td>
        <td valign="top" style="text-align: left; width: 4%; padding-left: 0.0px; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="text-align: left; border-bottom: solid black 1.0pt; width: 36%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Avery W. Catlin
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

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

        </td>
        <td valign="top" style="text-align: left; width: 36%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Avery W. Catlin
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

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

        </td>
        <td valign="top" style="text-align: left; width: 36%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President and
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

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

        </td>
        <td valign="top" style="text-align: left; width: 36%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; 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">
      Exhibit Index<br>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="top" style="text-align: left; width: 90%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of Celldex Therapeutics, Inc., dated November 4,
            2009.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6091089ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  <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-family: Times New Roman; font-size: 12pt"><b>Celldex
      Therapeutics Reports Third Quarter and Nine Month 2009 Financial Results</b></font>
    </p>
    <p>
      NEEDHAM, Mass.--(BUSINESS WIRE)--November 4, 2009--Celldex Therapeutics,
      Inc. (NASDAQ: CLDX) today reported financial results for the third
      quarter and nine-month period ended September 30, 2009. Celldex reported
      a net loss of $7.2 million, or $0.45 per share, for the third quarter of
      2009 compared to a net loss of $7.7 million, or $0.49 per share, for the
      third quarter of 2008. For the nine months ended September 30, 2009,
      Celldex reported a net loss of $23.6 million, or $1.49 per share,
      compared to a net loss of $40.0 million, or $2.92 per share, for the
      nine months ended September 30, 2008. At September 30, 2009, Celldex
      reported cash and cash equivalents of $26.0 million. At September 30,
      2009, CuraGen Corporation, which Celldex acquired on October 1, 2009,
      had cash and investments of $70.3 million and 4% convertible
      subordinated debt of $12.5 million, due in February 2011.
    </p>
    <p>
      &#8220;Celldex has made tremendous progress on key strategic initiatives in
      2009,&#8221; said Anthony S. Marucci, President and Chief Executive Officer.
      &#8220;With the successful completion of the CuraGen acquisition, we added an
      exciting portfolio of oncology-focused antibodies to our pipeline and
      significantly strengthened our balance sheet. In the clinic, we have
      accrued the required 60 patients to the ACT III study for CDX-110
      [PF-04948569] and we have further strengthened our pipeline&#8212;reporting
      positive data from Phase 1 studies of CDX-1307 in difficult to treat
      epithelial cancers and initiating a Phase 1/2 study of CDX-1401 in
      patients with malignant solid tumors. Both of these candidates
      originated from our Precision Targeted Immunotherapy Platform and
      utilize our novel antibody-based vaccine technology to deliver vaccine
      directly to cancer-associated targets in the body. Looking forward, we
      will continue the momentum, advancing ongoing studies and initiating a
      Phase 2 study of CDX-1307 in bladder cancer in the first quarter of
      2010.&#8221;
    </p>
    <div style="width: 100%; text-indent: 0pt; 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>Third quarter and recent highlights:</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Completed the acquisition of CuraGen which provides a pipeline of
        oncology-focused antibodies, as well as a cash balance of
        approximately $70.3 million ($57.8 million net of CuraGen&#8217;s
        convertible debt of $12.5 million).
      </li>
      <li style="margin-bottom: 10.0px">
        Initiated a dose-escalating Phase 1/2 clinical trial of CDX-1401 aimed
        at determining the optimal dose for further development based on the
        safety, tolerability, and immunogenicity of the vaccine. The trial
        will evaluate three different doses of the vaccine in combination with
        resiquimod, an activator of toll-like receptors 7 and 8. The study
        will accrue approximately 36 patients with solid tumor cancers
        expressing the NY-ESO-1 antigen and will follow each subject for six
        months post-treatment.
      </li>
      <li style="margin-bottom: 10.0px">
        Announced positive results from Phase 1 studies of CDX-1307, the first
        candidate from Celldex&#8217;s Precision Targeted Immunotherapy Platform, in
        patients with advanced epithelial cancers, including breast, colon and
        pancreatic cancer at the 24th Annual Meeting of the International
        Society for Biological Therapy of Cancer (iSBTc) in Washington, D.C.
        last week.

        <ul>
          <li style="margin-bottom: 10.0px">
            CDX-1307, in combination with select TLR agonists, significantly
            enhanced immune responses against hCG- &#946;, providing strong humoral
            responses in 88% of patients and cellular immune responses in 57%
            of patients. Immune responses occurred even in the presence of
            high circulating levels of hCG-&#946;, suggesting that CDX-1307 can
            overcome antigen tolerance in the most advanced, heavily
            pretreated cancers
          </li>
          <li style="margin-bottom: 10.0px">
            Nine patients in the studies experienced stable disease from 2.3
            months to 11.4 plus months following the initiation of CDX-1307
            vaccination
          </li>
          <li style="margin-bottom: 10.0px">
            Data provide the basis for advancing CDX-1307 into a Phase 2 study
            in patients with newly diagnosed bladder cancer which frequently
            expresses hCG-&#946; and represents a clear unmet medical need
          </li>
        </ul>
      </li>
      <li style="margin-bottom: 10.0px">
        Continued to advance, in partnership with Pfizer, the development of
        lead candidate CDX-110 in Phase 2 studies in glioblastoma multiforme.
        CDX-110 is an immunotherapy that targets the tumor specific molecule
        called EGFRvIII, a functional variant of the epidermal growth factor
        receptor (EGFR).
      </li>
    </ul>
    <p>
      <b>CuraGen Acquisition Financial Details</b>
    </p>
    <p>
      On October 1, 2009, CuraGen Corporation (&#8220;CuraGen&#8221;), a former
      publicly-traded company, merged with a wholly-owned subsidiary of
      Celldex (the &#8220;CuraGen Merger&#8221;) in accordance with a definitive merger
      agreement dated May 28, 2009 (the &#8220;CuraGen Merger Agreement&#8221;) and as
      approved at special meetings of Celldex&#8217;s and CuraGen&#8217;s shareholders on
      September 30, 2009. In connection with the CuraGen Merger, Celldex (i)
      issued 0.2739 shares of Celldex in exchange for each share of
      outstanding CuraGen common stock, plus cash in lieu of fractional shares
      (the &#8220;CuraGen Exchange Ratio&#8221;) (Celldex issued a total of 15,722,713
      shares of Celldex common stock to the former stockholders of CuraGen),
      (ii) assumed all of the CuraGen stock options outstanding under the
      CuraGen 2007 Stock Plan, or options exercisable into 931,315 shares of
      Celldex common stock, and (iii) CuraGen, as a wholly-owned subsidiary of
      Celldex, retained its obligation for the $12.5 million in CuraGen 4%
      convertible subordinated debt due in February 2011. Accordingly, the
      results of operations of CuraGen will be included in the results of
      operations of Celldex beginning October 1, 2009.
    </p>
    <div style="width: 100%; text-indent: 0pt; 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>Further Financial Highlights</b>
    </p>
    <p>
      The net loss of $7.2 million for the third quarter of 2009 represents a
      decrease of $0.5 million when compared to the net loss for the same
      period in 2008 and is primarily due to an increase in revenue, partially
      offset by an increase in operating expense and a decrease in investment
      income. R&amp;D expense in the third quarter of 2009 increased by $0.6
      million compared to R&amp;D expense in 2008 due primarily to increased
      personnel-related expenses, laboratory materials and services, and
      royalty expense and license fees. G&amp;A expenses in the third quarter of
      2009 decreased by $0.3 million to $3.9 million as compared to $4.2
      million in 2008, primarily due to a decrease in personnel-related
      expenses in 2009. G&amp;A expenses for this quarter included approximately
      $2.3 million, or $0.15 per share, of transaction expenses recorded in
      connection with the CuraGen acquisition. The decrease in cash and cash
      equivalents of $5.6 million from June 30, 2009 includes one-time cash
      payments of $0.8 million for CuraGen merger-related costs.
    </p>
    <p>
      The net loss of $23.6 million for the first nine months of 2009
      represents an improvement of $16.4 million when compared to the net loss
      for the same period in 2008, primarily due to the non-cash charge of
      $14.8 million for purchased in-process R&amp;D recorded in 2008. R&amp;D expense
      in the first nine months of 2009 increased by $5.0 million compared to
      R&amp;D expense in 2008 due primarily to the combined operations of AVANT
      and Celldex for the full nine-month period in 2009, including increased
      personnel-related expenses, royalty and license fee expenses, clinical
      trials costs for CDX-110 and CDX-1307 and facility-related costs. G&amp;A
      expenses decreased by $1.1 million to $10.7 million in 2009 as compared
      to G&amp;A expense of $11.8 million in the first nine months of 2008,
      primarily due to reduced personnel-related expenses.
    </p>
    <p>
      Revenues for the first nine months of 2009 increased by $6.0 million
      compared with revenues for 2008. The increase in product development and
      licensing revenue in 2009 primarily reflects recognition of $3.9 million
      in Pfizer deferred revenue related to CDX-110 in 2009. The increase in
      contracts and grants revenue in 2009 compared to 2008 primarily reflects
      revenues for work performed for Rockefeller University. In 2009, Celldex
      also recognized $5.1 million in product royalty revenue related to
      offsetting royalty expense payable to Cincinnati Children&#8217;s Hospital.
    </p>
    <p>
      As of September 30, 2009, which was prior to the closing of the CuraGen
      Merger, Celldex had approximately 15.9 million shares outstanding.
    </p>
    <p>
      <u><i>Important Information Related to Celldex&#8217;s Financial Results</i></u>
    </p>
    <p>
      On March 7, 2008, privately-held Celldex Therapeutics, Inc. completed
      its merger with a wholly-owned subsidiary of AVANT Immunotherapeutics,
      Inc. and, effective October 1, 2008, AVANT changed its name to Celldex
      Therapeutics, Inc. In connection with the AVANT/Celldex merger, the
      Company implemented a 1-for-12 reverse stock split of its common stock
      on March 7, 2008. 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.
    </p>
    <div style="width: 100%; text-indent: 0pt; 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>
      <b>Safe Harbor Statement Under the Private Securities Litigation Reform
      Act of 1995:</b> <i>This release contains &#8220;forward-looking statements&#8221;
      made pursuant to the safe harbor provisions of the Private Securities
      Litigation Reform Act of 1995, including those related to the Company&#8217;s
      strategic focus and the future development and commercialization of
      CDX-110, CDX-1307, Ty800, CDX-1135 (formerly TP10), CDX-1401 and other
      products</i>. <i>Forward-looking statements reflect management's current
      knowledge, assumptions, judgment and expectations regarding future
      performance or events. Although management believes that the
      expectations reflected in such statements are reasonable, they give no
      assurance that such expectations will prove to be correct and you should
      be aware that actual results could differ materially from those
      contained in the forward-looking statements. Forward-looking statements
      are subject to a number of risks and uncertainties, including, but not
      limited to, our ability to successfully integrate the businesses,
      multiple technologies and programs of CuraGen and Celldex; our ability
      to adapt APC Targeting Technology<sup>TM</sup> to develop new, safe and
      effective vaccines against oncology and infectious disease indications;
      our ability to successfully complete product research and further
      development of our programs; the uncertainties inherent in clinical
      testing; our ability to manage research and development efforts for
      multiple products at varying stages of development; Pfizer&#8217;s and our
      strategy and business plans concerning the continued development and
      commercialization of CDX-110; the timing, cost and uncertainty of
      obtaining regulatory approvals; the failure of the market for the
      Company's programs to continue to develop; the inability to obtain
      additional capital; the inability to protect the Company&#8217;s intellectual
      property; the loss of any executive officers or key personnel or
      consultants; competition; changes in the regulatory landscape or the
      imposition of regulations that affect the Company&#8217;s products; and other
      risks detailed from time to time in the Company&#8217;s filings with the
      Securities and Exchange Commission, including the Company's Form 10-K
      for the fiscal year ended December 31, 2008, and its Forms 10-Q and 8-K</i>.
    </p>
    <p style="text-align: center">
      <i>-table follows-</i>
    </p>
    <div style="width: 100%; text-indent: 0pt; 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 style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="18" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>CELLDEX THERAPEUTICS, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="18" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>(In thousands, except share and per share amounts)</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="text-align: left; padding-left: 0.0px">
          <b>CONSOLIDATED STATEMENTS</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,339
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          4,338
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          2,236
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          Contracts and Grants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          799
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          138
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,892
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          975
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          5,170
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,812
        </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="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          4,030
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          2,358
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          10,447
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          4,467
        </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="text-align: left; padding-left: 0.0px">
          <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="text-align: left; padding-left: 0.0px">
          Research and Development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          7,241
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          23,729
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          General and Administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          3,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          10,701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          Gain on Sale of Assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (604
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          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: 0.0px">
          Research and Development
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          14,756
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          95
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          104
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          286
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          257
        </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="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          11,186
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          10,936
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          34,112
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          45,581
        </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="text-align: left; padding-left: 0.0px">
          Operating Loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (7,156
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (8,578
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (23,665
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (41,114
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </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="text-align: left; padding-left: 0.0px">
          Investment and Other Income
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          (Expense), 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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (18
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          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="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          83
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,067
        </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="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          Net Loss
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (7,174
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (7,656
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (23,582
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (40,047
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </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="text-align: left; padding-left: 0.0px">
          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; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          Common Share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (0.45
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (0.49
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (1.49
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (2.92
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          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; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,879
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,708
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,844
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          13,695
        </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="text-align: left; padding-left: 0.0px">
          <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="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <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="top" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>September 30,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="top" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <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: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <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="text-align: left; padding-left: 0.0px">
          Cash and Cash Equivalents
        </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; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          25,985
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          Other Current Assets
        </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; padding-right: 0.0px; white-space: nowrap">
          2,025
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          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="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          12,015
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          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="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          8,077
        </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; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          9,150
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; 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; border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          48,102
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          69,793
        </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="text-align: left; padding-left: 0.0px">
          <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="text-align: left; padding-left: 0.0px">
          Current Liabilities
        </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; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          14,107
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          Long-Term Liabilities
        </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; padding-right: 0.0px; white-space: nowrap">
          36,235
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          37,558
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Stockholders' (Deficit) Equity
        </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="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (2,240
        </td>
        <td valign="bottom" style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          18,134
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          48,102
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          69,793
        </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>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>Matthew Driscoll, 212-477-9007
      x20<br><u>mdriscoll@bmccommunications.com</u>
    </p>
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