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<SEC-DOCUMENT>0001157523-10-004681.txt : 20100804
<SEC-HEADER>0001157523-10-004681.hdr.sgml : 20100804
<ACCEPTANCE-DATETIME>20100804083019
ACCESSION NUMBER:		0001157523-10-004681
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100804
DATE AS OF CHANGE:		20100804

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:		10989575

	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>a6384437.htm
<DESCRIPTION>CELLDEX THERAPEUTICS, INC. 8-K
<TEXT>
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    <p>

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


    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">UNITED STATES</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">SECURITIES
      AND EXCHANGE COMMISSION</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Times New Roman"><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-size: 10pt; font-family: Times New Roman">PURSUANT
      TO SECTION 13 OR 15(d) OF</font><br><font style="font-size: 10pt; font-family: Times New Roman">THE
      SECURITIES EXCHANGE ACT OF 1934</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): &#160;</font><font style="font-size: 10pt; font-family: Times New Roman"><b>August
      4, 2010</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>CELLDEX
      THERAPEUTICS, INC.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(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="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; width: 34%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-15006</b>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>13-3191702</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            of incorporation)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>119 Fourth Avenue<br>Needham, Massachusetts 02494-2725</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 25%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 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-size: 10pt; font-family: Times New Roman"></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-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <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>
    <hr style="height: 1.0 pt; color: #000000; text-align: center; width: 100%">
    <hr style="height: 1.0 pt; color: #000000; text-align: center; width: 100%">


    <p>

    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">
      Item 2.02.&#160;&#160;Results of Operations and Financial Condition.
    </p>
    <p>
      On August 4, 2010, Celldex Therapeutics, Inc. issued a press release
      announcing its financial results for the second quarter of 2010.&#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 style="white-space: nowrap">
      Item 9.01.&#160;&#160;Financial Statements and Exhibits.
    </p>
    <p>
      (d) Exhibits<br>-------------<br>99.1&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;Press Release of Celldex
      Therapeutics, Inc., dated August 4, 2010.
    </p>
    <p style="text-align: center">
      <br>
      <br>
      <br>
      <br>
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        <div style="text-align: right">

        </div>
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    </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-bottom: 10.0px; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
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        </td>
        <td style="width: 25%">

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

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

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

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        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
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        <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="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 5%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 25%">
          August 4, 2010
        </td>
        <td style="width: 20%">

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
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        <div style="text-align: left">

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

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          <hr style="height: 1.5pt; color: black">

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

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    </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-bottom: 10.0px; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
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          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release of Celldex Therapeutics, Inc., dated August 4, 2010.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6384437ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <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 Second Quarter 2010 Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-
      Management to Host Conference Call Today at 10:00 AM Eastern Time -</b></font>
    </p>
    <p>
      NEEDHAM, Mass.--(BUSINESS WIRE)--August 4, 2010--Celldex Therapeutics,
      Inc. (NASDAQ: CLDX) today reported financial results for the second
      quarter ended June 30, 2010. Celldex reported a net loss of $9.5
      million, or $0.30 per share, for the second quarter of 2010 compared to
      a net loss of $8.7 million, or $0.55 per share, for the second quarter
      of 2009. For the six months ended June 30, 2010, Celldex reported a net
      loss of $16.1 million, or $0.51 per share, compared to a net loss of
      $16.4 million, or $1.04 per share, for the six months ended June 30,
      2009. At June 30, 2010, Celldex reported cash, cash equivalents and
      marketable securities of $65.8 million, a decrease of $9.5 million from
      March 30, 2010. The decrease is due primarily to operational expenses,
      $1.4 million in severance payments related to the CuraGen acquisition
      and $0.7 million in capital expenditures made during the second quarter
      of 2010. Remaining severance payments of $0.5 million and $0.7 million
      will be made in 2010 and 2011, respectively. We believe that expected
      cash inflows from existing collaborations, interest income on invested
      funds and our current cash, cash equivalents and marketable securities
      at June 30, 2010 are sufficient to meet estimated working capital
      requirements and fund planned operations into 2012.
    </p>
    <p>
      &#8220;In the second quarter of 2010, Celldex made significant progress
      advancing our Precision Targeted Immunotherapy (PTI) platform and our
      pipeline,&#8221; said Anthony S. Marucci, Celldex&#8217;s President and Chief
      Executive Officer. &#8220;We initiated a Phase 2 study of CDX-1307 in bladder
      cancer and presented positive data from three product candidates in four
      presentations at the American Society of Clinical Oncology annual
      meeting. As we look to the second half of 2010, we will continue this
      momentum by expecting to initiate a Phase 2b study of CDX-011, our
      antibody-drug conjugate (ADC), in breast cancer. These accomplishments
      would position us at year end with four product candidates in late-stage
      studies and a rich portfolio of earlier stage candidates. The depth and
      diversity of our pipeline reflects the potential for Celldex&#8217;s Precision
      Targeted Immunotherapy Platform to treat cancer and other
      difficult-to-treat diseases.&#8221;
    </p>
    <p>
      <b>Second quarter highlights:</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        In May, we initiated a 60 patient randomized (1:1) Phase 2 controlled
        study of CDX-1307, the Company&#8217;s first antibody-based dendritic cell
        targeted vaccine, in combination with multiple immune modulators. This
        study, the N-ABLE Trial (<b>N</b>eoadjuvant and <b>A</b>djuvant <b>Bl</b>adder
        Canc<b>e</b>r Trial), evaluates the CDX-1307 regimen in both
        neoadjuvant and adjuvant settings in patients with newly diagnosed
        muscle-invasive bladder cancers that express hCG-beta. Preliminary
        data is expected by year-end 2011.
      </li>
      <li style="margin-bottom: 10.0px">
        Also in May, the U.S Food and Drug Administration (FDA) granted Fast
        Track designation to Celldex&#8217;s CDX-011 (glembatumumab vedotin) for the
        treatment of advanced, refractory/resistant GPNMB-expressing breast
        cancer. We expect to initiate a randomized (2:1) Phase 2b controlled
        study for CDX-011 in 120 patients with heavily pre-treated, advanced
        breast cancer during the third quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        The Company and its collaborators made the following four (4)
        presentations at the recent American Society of Clinical Oncology
        (ASCO) annual meeting in June:<br><br>

        <ul>
          <li style="margin-bottom: 10.0px">
            Presented interim data for the first 40 patients from the ACT III
            study, a trial testing rindopepimut (CDX-110 or PF-04948568) in
            newly diagnosed Glioblastoma Multiforme (GBM). These results from
            approximately 25 clinical sites across the U.S. were consistent
            with results from earlier Phase 2 studies conducted at only 2
            sites. Rindopepimut is partnered with Pfizer.
          </li>
          <li style="margin-bottom: 10.0px">
            Presented final safety and immune activity data for CDX-011, an
            antibody-drug conjugate, in patients with advanced melanoma.
          </li>
          <li style="margin-bottom: 10.0px">
            Presented data on the correlation of GPNMB expression with
            outcomes in breast cancer patients treated with CDX-011. The ADC
            technology was licensed from Seattle Genetics, Inc.
          </li>
          <li style="margin-bottom: 10.0px">
            Presented the clinical design for the randomized CDX-1307 Phase 2
            study in muscle-invasive bladder cancer.
          </li>
        </ul>
      </li>
    </ul>
    <p>
      <b>Upcoming events</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The Company expects to present preliminary data from the CDX-1401
        Phase 1/2 study at the 25<sup>th</sup> Annual Meeting of the
        International Society for Biological Therapy of Cancer to be held
        October 2-4<sup>th</sup> in Washington, DC.
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        In Q4-2010, the Company expects to initiate a Phase 1 trial in healthy
        subjects with CDX-301. CDX-301 is known as FLT3 ligand, a
        hematopoietic growth factor that has had some previous experience in
        human trials. Having acquired this product from Amgen last year, the
        Company believes there are very specific clinical opportunities for
        CDX-301. Our first priority is to develop this molecule for stem cell
        transplant, where it has demonstrated improvement of immune cell
        reconstitution in animal models. Other indications will then follow.
      </li>
      <li style="margin-bottom: 10.0px">
        Finally in Q4-2010, the Company expects to complete the renovations of
        its Fall River, MA, manufacturing facility to increase its capacity by
        installing a 1000L bioreactor and make the facility EMEA compliant.
        Implementing EMEA requirements along with US GMPs will allow Celldex
        to distribute products to clinical sites in both the US and EU.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Further Financial Highlights</b>
    </p>
    <p>
      <i>Second Quarter Results</i>
    </p>
    <p>
      The net loss of $9.5 million for the second quarter of 2010 represents
      an increased loss of $0.8 million when compared to the net loss for the
      same period in 2009, primarily due to increases in research and
      development (R&amp;D), royalty, amortization and interest expenses in the
      second quarter of 2010, offset partially by decreases in general and
      administrative (G&amp;A) expenses.
    </p>
    <p>
      Revenues for the second quarter of 2010 increased slightly when compared
      to the second quarter of 2009. Product development and licensing revenue
      in both 2010 and 2009 primarily reflects recognition of $1.3 million in
      Pfizer deferred revenue related to rindopepimut (CDX-110) in the
      three-month periods. In 2010, Celldex recognized $1.6 million in product
      royalty revenue related to offsetting royalty expense payable to
      Cincinnati Children&#8217;s Hospital (CCH) compared to product royalty revenue
      of $1.2 million payable to CCH in 2009.
    </p>
    <p>
      R&amp;D expenses in the second quarter of 2010 and 2009 were approximately
      $7.3 million and $6.4 million, respectively. Changes in R&amp;D expenses
      between 2010 and 2009 primarily reflect higher personnel-related
      expenses, facility-related expenses, contract manufacturing expenses and
      license/milestone payments to licensors, offset by lower laboratory
      supplies and services expenses in 2010.
    </p>
    <p>
      Royalty expense includes product royalty and sublicense royalty fees on
      our out-licensed programs. The $0.4&#160;million increase in royalty expenses
      in the second quarter of 2010 was due to an increase in Rotarix<sup>&#174;</sup>
      related royalty fees. Our retained interests in Rotarix<sup>&#174;</sup>
      net royalties, which were not sold to Paul Royalty Fund, are recorded as
      product royalty revenue and a corresponding amount that is payable to
      CCH is recorded as royalty expense.
    </p>
    <p>
      G&amp;A expense decreased by $0.9 million to $2.6 million in 2010 as
      compared to G&amp;A expense of $3.5 million in the second quarter of 2009
      primarily due to professional services expenses incurred in 2009 in
      connection with the acquisition of CuraGen Corporation, partially offset
      by higher personnel expense during the three months ended June 30, 2010,
      primarily related to higher headcount.
    </p>
    <p>
      The $0.6&#160;million increase in amortization expense for the quarter ended
      June 30, 2010 was primarily due to the amortization of intangible assets
      acquired in connection with the acquisition of CuraGen Corporation.
    </p>
    <p>
      During the quarter ended June 30, 2010, cash, cash equivalents and
      marketable securities decreased by approximately $9.5 million from March
      31, 2010, primarily due to operating expenses incurred during the
      quarter, CuraGen-related severance payments, capital expenditures
      related to renovations at our Fall River, MA manufacturing facility and
      prepayments of clinical trial and contracted research costs.
    </p>
    <p>
      <i>Six Month Results</i>
    </p>
    <p>
      The net loss of $16.1 million for the first six months of 2010
      approximates the net loss of $16.4 million for the same period in 2009.
      Higher operating and interest expenses were incurred during the first
      half of 2010 compared to 2009, partially offset by the receipt of a
      sublicense income payment of $3.0 million from TopoTarget A/S in the
      first quarter of 2010.
    </p>
    <p>
      Revenues for the first six months of 2010 increased by $0.2 million
      compared with revenues for 2009. Product development and licensing
      revenue in both 2010 and 2009 primarily reflects recognition of $2.6
      million in Pfizer deferred revenue related to rindopepimut (CDX-110) in
      the six-month periods. The increase in contracts and grants revenue in
      2010 compared to 2009 primarily reflects revenues for work performed for
      Rockefeller University. In the first six months of 2010, Celldex also
      recognized $3.7 million in product royalty revenue related to offsetting
      royalty expense payable to CCH compared to $3.2 million in 2009.
    </p>
    <p>
      R&amp;D expense in the first six months of 2010 increased by $0.8 million
      compared to 2009 due primarily to the combined operations of Celldex and
      CuraGen for the full six-month period in 2010, including increased
      personnel-related expenses, contract manufacturing expenses and
      facility-related costs. These increases were partially offset by
      decreased clinical trials costs and laboratory supplies and services
      expenses. Royalty expenses for 2010 increased by $0.5 million due to
      increased royalty expense to CCH.
    </p>
    <p>
      G&amp;A expense decreased by $1.4 million to $5.4 million in 2010 as
      compared to G&amp;A expense of $6.9 million in the first six months of 2009,
      primarily due to reduced personnel-related and M&amp;A-related professional
      services expenses incurred in 2009.
    </p>
    <p>
      The $2.0&#160;million increase in amortization expense for the six months
      ended June 30, 2010 was primarily due to the amortization of intangible
      assets acquired in connection with the CuraGen acquisition.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      The $3.1&#160;million increase in investment and other income, net in 2010,
      is primarily due to other income of $3.0&#160;million recorded for the
      TopoTarget sublicense income payment. The $0.6&#160;million increase in
      interest expense was primarily due to interest recorded in 2010 on the
      CuraGen convertible debt, which Celldex assumed in connection with the
      CuraGen acquisition.
    </p>
    <p>
      As of June 30, 2010, Celldex had approximately 31.9&#160;million shares
      outstanding.
    </p>
    <p>
      <u><i>Webcast and Conference Call</i></u>
    </p>
    <p>
      Celldex will host a conference call and live webcast at 10:00 AM ET on
      Wednesday, August 4, 2010, to provide an update on anticipated research
      and development and business objectives for 2010. Linda T. Vahdat, M.D.,
      Director of the Breast Cancer Research Program and Professor of Medicine
      at Weill Medical College of Cornell University, will join the call to
      discuss CDX-011 data presented at ASCO. Dr. Vahdat is a leading
      investigator in the development of new therapies for breast cancer and
      was an important leader in Celldex&#8217;s Phase 1/2 study of CDX-011 in
      advanced breast cancer.
    </p>
    <p>
      The conference call will be webcast live over the Internet and can be
      accessed by logging on to the &quot;News &amp; Events&quot; section of the Celldex
      Therapeutics website at <u>www.celldextherapeutics.com</u>. The call can
      also be accessed by dialing 866-356-4279 (within the United States) or
      617-597-5394 (outside the United States). The passcode for participants
      is 88140532.
    </p>
    <p>
      A replay of the call will be available approximately two hours after the
      live call concludes through August 18, 2010. To access the replay, dial
      888-286-8010 (within the United States) or 617-801-6888 (outside the
      United States). The passcode is 30161680. The webcast will also be
      archived on the Company&#8217;s website.
    </p>
    <p>
      <b>About Celldex Therapeutics, Inc.</b>
    </p>
    <p>
      Celldex Therapeutics is the first antibody-based combination
      immunotherapy company. Celldex has a pipeline of drug candidates in
      development for the treatment of cancer and other difficult-to-treat
      diseases based on its antibody focused Precision Targeted Immunotherapy
      (PTI) Platform. The PTI Platform is a complementary portfolio of
      monoclonal antibodies, antibody-targeted vaccines and immunomodulators
      used in optimal combinations 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 (by
      Celldex and others) of rindopepimut (CDX-110), CDX-1307, CDX-011,
      CDX-1135 (formerly TP10), CDX-1401, CDX-1127, Belinostat, Rotarix&#174; 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 obtain additional capital on acceptable
      terms, or at all; 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; our
      development partners&#8217; willingness to make announcements with respect to
      co-developed products; 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 rindopepimut (CDX-110); the uncertainties of any
      future payments with respect to Belinostat, as the development and
      commercialization of Belinostat is completely outside of Celldex's
      control; the uncertainties of any future royalty payments with respect
      to Rotarix&#174;, as the commercialization of Rotarix&#174; is completely outside
      of Celldex's control; the timing, cost and uncertainty of obtaining
      regulatory approvals; the failure of the market for the Company's
      programs to continue to develop; our ability to protect the Company&#8217;s
      intellectual property; the loss of any executive officers or key
      personnel or consultants; our ability to successfully integrate the
      businesses, multiple technologies and programs of CuraGen and Celldex;
      competition; changes in the regulatory landscape or the imposition of
      regulations that affect the Company&#8217;s products; and other factors listed
      under &#8220;Risk Factors&#8221; in our annual report on Form 10-K.</i>
    </p>
    <p>
      <i>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</i>.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="17">
          <b>CELLDEX THERAPEUTICS, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="17">
          <b>(In thousands, except share and per share amounts)</b>
        </td>
      </tr>
      <tr>
        <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 colspan="3">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" colspan="3">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" colspan="3">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" colspan="3">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" colspan="3">
          <b>2009</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="7">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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 valign="top" style="padding-left: 0.0px; 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 valign="top" style="padding-left: 20.0px; text-align: left">
          Licensing Agreements
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,399
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          2,746
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          2,999
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          220
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          139
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,552
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,188
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          3,698
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          3,279
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          2,951
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          2,685
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          6,664
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          6,417
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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 valign="top" style="padding-left: 0.0px; text-align: left">
          Research and Development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          7,256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          6,433
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          13,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          12,890
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Royalty
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,732
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,369
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          4,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          3,598
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          2,591
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          3,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          5,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          6,851
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (604
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          658
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          2,178
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          191
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          12,237
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          11,408
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          25,357
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          22,926
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (9,286
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (8,723
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (18,693
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (16,509
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Investment and Other Income, Net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          95
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          55
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          3,257
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          179
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          Interest 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (334
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (37
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (671
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (78
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (9,525
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (8,705
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (16,107
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (16,408
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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 valign="top" style="padding-left: 20.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (0.30
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (0.55
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (0.51
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (1.04
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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 valign="top" style="padding-left: 20.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          31,815
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          15,834
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          31,755
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          15,826
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <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 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 colspan="3">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" colspan="3">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" colspan="3">
          <b>2009</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="7">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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 valign="top" style="padding-left: 0.0px; text-align: left">
          Cash, Cash Equivalents and Marketable Securities
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          65,832
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          82,453
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          2,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,523
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          10,972
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          11,489
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          42,348
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          44,899
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          121,571
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          140,364
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          23,714
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          14,407
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          37,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          52,190
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Stockholders' 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          60,002
        </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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          73,767
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; 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="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          121,571
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          140,364
        </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>
    <p>

    </p>
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