<SEC-DOCUMENT>0001104659-11-000925.txt : 20110408
<SEC-HEADER>0001104659-11-000925.hdr.sgml : 20110408
<ACCEPTANCE-DATETIME>20110110103515
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-11-000925
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110110

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:		CORRESP

	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
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JANUARY 10, 2011</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR AND FACSIMILE</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey Riedler, Assistant Director</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b></p>  </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Celldex Therapeutics,&nbsp;Inc.</font></b></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year ended December&nbsp;31, 2009</font></b></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed March&nbsp;12, 2010</font></b></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K/A for the Fiscal Year ended December&nbsp;31, 2009</font></b></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed March&nbsp;31, 2010</font></b></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;000-15006</font></b></p>  </td>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Riedler:</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter is written in response to your letter to Celldex Therapeutics,&nbsp;Inc. (&#147;<b>Celldex</b>&#148;) with respect to its Annual Report on Form&nbsp;10-K for the Fiscal Year ended December&nbsp;31, 2009, filed on March&nbsp;12, 2010, and the amendment thereto on Form&nbsp;10-K/A, filed on March&nbsp;31, 2010.&#160; We have set forth below each of your comments, followed by the Company&#146;s response.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1. Business</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partnerships, page&nbsp;10</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Please provide draft disclosure for future filings which provides a more thorough description of the Glaxo and PRF agreements.&#160; With respect to the Glaxo agreement:</font></i></p>
<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 76.05pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Disclose whether you may be entitled to further milestone payments.&#160; If you may be, then quantify the potential milestone payments and describe the nature of the triggering events; and</font></i></p>
<p style="margin:0in 0in .0001pt 76.05pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Disclose when the latest to expire patent is scheduled to do so.</font></i></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">With respect to the PRF agreement:</font></i></p>
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<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Disclose the percentage of your royalties and milestone payments that PRF is entitled to receive; and</font></i></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Please specify when your agreement with PRF expires and explain how the $27.5 million threshold operates.</font></i></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESPONSE:</font></u><font size="2" style="font-size:10.0pt;"> In response to the Staff&#146;s comment, below is draft disclosure concerning both the Glaxo and PRF agreements to be made in future filings (marked to show changes from what is currently contained in our annual report on Form&nbsp;10-K for the Fiscal Year ended December&nbsp;31, 2009):</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>GlaxoSmithKline plc (&#147;Glaxo&#148;) and Paul Royalty Fund II, L.P. (&#147;PRF&#148;)</i></font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rotavirus is a major cause of diarrhea and vomiting in infants and children. In 1997, we licensed our oral rotavirus strain to Glaxo and Glaxo assumed responsibility for all subsequent clinical trials and all other development activities. Glaxo gained approval for its rotavirus vaccine, Rotarix&#174;, in Mexico in July&nbsp;2004, which represented the first in a series of worldwide approvals and commercial launches for the product leading up to the approval in Europe in 2006 and in the U.S. in 2008. We licensed-in our rotavirus</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey Riedler, Assistant Director</font></p>  </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;10, 2011</font></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>  </td>
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<p style="margin:0in 0in .0001pt;"><a name="PB_2_225957_7608"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 2</font></a></p>  </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>  </td>  </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">strain in 1995 and owe a license fee of 30% to Cincinnati Children&#146;s Hospital Medical Center (&#147;CCH&#148;) on net royalties received from Glaxo. We are obligated to maintain a license with CCH with respect to the Glaxo agreement. The term of the Glaxo agreement is through the expiration of the last of the relevant patents covered by the agreement, although Glaxo may terminate the agreement upon 90 days prior written notice. <b><u style="font-weight:bold;">The last relevant patent is scheduled to expire in December&nbsp;2012. No additional milestone payments are due from Glaxo under the agreement.</u></b></font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In May&nbsp;2005, we entered into an agreement whereby an affiliate of PRF purchased <strike>an </strike><b><u style="font-weight:bold;">a 70%</u></b> interest in the milestone payments and net royalties that we will receive on the development and worldwide sales of Rotarix&#174;. We have received a total of $60 million in milestone payments under the PRF agreement. No additional milestone payments are due from PRF under the agreement. <b><u style="font-weight:bold;">The PRF agreement terminates on December&nbsp;12, 2012, unless otherwise extended.</u></b></font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royalty rates on Rotarix&#174; escalate from 7% to 10% based on net product sales in countries that have valid patent protection. These royalty rates are discounted by 30% for &#147;non-patent&#148; countries (primarily international markets). In September&nbsp;2006, we received notice from Glaxo that Glaxo would begin paying royalties on sales of Rotarix&#174; vaccine at the lower of the two royalty rates under their 1997 license agreement. Glaxo&#146;s decision to pay the lower royalty rate (which is 70% of the full rate) is based upon Glaxo&#146;s assertion that Rotarix&#174; is not covered by the patents Glaxo licensed from us in Australia and certain European countries. We are currently evaluating the basis for Glaxo&#146;s action and our potential remedies. If Glaxo&#146;s position stands, the royalties to which PRF is entitled will no longer be limited by a $27.5 million annual threshold, which we projected may have been reached in later years as sales of Rotarix&#174; increased. <b><u style="font-weight:bold;">With respect to the $27.5 million annual threshold, if worldwide net royalties on sales of Rotarix&#174; exceed $27.5 million in any year, we would retain approximately 65% of all royalties in excess of $27.5 million.&#160; </u></b>Irrespective of Glaxo&#146;s position, we will still retain approximately 65% of the royalties on worldwide sales of Rotarix&#174; once PRF receives 2.45 times the aggregate cash payments of $60 million it made to us, though the potential amount of such residual royalties will be lower if Glaxo&#146;s position stands.&#148;</font></p>
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<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Please provide expanded disclosure of your agreement with Vaccine Technologies to be included in future filings.&#160; The expanded disclosure should quantify the aggregate milestone payments you may receive from the license and indicate the range of royalty payments you may receive, e.g., &#147;single-digits,&#148; &#147;teens,&#148; &#147;twenties,&#148; etc.&#160; Please file the agreement as an exhibit or provide us with the basis of your belief that you are not required to file it.</font></i></p>
<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESPONSE:</font></u><font size="2" style="font-size:10.0pt;">&#160; In response to the Staff&#146;s comment, below is draft disclosure concerning our agreement with Vaccine Technologies to be made in future filings (marked to show changes from what is currently contained in our annual report on Form&nbsp;10-K for the Fiscal Year ended December&nbsp;31, 2009):</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Vaccine Technologies,&nbsp;Inc. (&#147;VTI&#148;)</i></font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In January&nbsp;2009, we entered into a license agreement with VTI under which we granted a worldwide exclusive license to VTI to develop and commercialize our CholeraGarde&#174; and ETEC vaccine programs. We may receive milestones payments <b><u style="font-weight:bold;">of up to $750,000</u></b> and royalties <b><u style="font-weight:bold;">in the low- to mid-teens</u></b> with respect to development and commercialization of the technology licensed to VTI.&#148;</font></p>
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<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We entered into the Vaccine Technologies agreement to out-license CholeraGarde&#174; and the ETEC vaccine products, which we determined were not material to our business and which we were no longer going to pursue.&#160; After consideration of a range of potential scenarios with respect to future milestone payments and royalties under the Vaccine Technologies agreement, we made a determination that the Vaccine Technologies agreement is not material to the Company.&#160; Accordingly, we did not include the agreement as</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey Riedler, Assistant Director</font></p>  </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;10, 2011</font></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">an exhibit to our annual report on Form&nbsp;10-K for the Fiscal Year ended December&nbsp;31, 2009.&#160; Our inclusion of a discussion of the Vaccine Technologies agreement in that filing was intended to assist the reader in understanding what had occurred during 2009 with respect to the CholeraGarde&#174; and the ETEC vaccine products, which in previous periods had been more important to our business.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Research and Collaboration Agreements, page&nbsp;12</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pursuant to disclosure throughout your document, it appears that your agreement with Medarex continues to be active.&#160; Please provide draft disclosure for future filings describing the nature of the patents and intellectual property rights, quantify the potential milestone payments and a royalty range and disclose any term and termination provisions.</font></i></p>
<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESPONSE:</font></u><font size="2" style="font-size:10.0pt;">&#160; In response to the Staff&#146;s comment, below is draft disclosure concerning our agreement with Medarex to be made in future filings (marked to show changes from what is currently contained in our annual report on Form&nbsp;10-K for the Fiscal Year ended December&nbsp;31, 2009):</font></p>
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<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Medarex,&nbsp;Inc., a subsidiary of Bristol Myers Squibb (&#147;Medarex&#148;)</i></font></p>
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<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;text-indent:34.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We and Medarex, a former related party, have entered into the following agreements, each of which was approved by a majority of its independent directors who did not have an interest in the transaction. These agreements include:</font></p>
<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;text-indent:34.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 74.8pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An Assignment and License Agreement, as amended, (&#147;Assignment and License Agreement&#148;) that provides for the assignment of certain patent and other intellectual property rights and a license to certain Medarex technology<b><u style="font-weight:bold;"> related to the Company&#146;s APC Targeting Technology&#153; and an anti-mannose receptor product</u></b>; and</font></p>
<p style="margin:0in 0in .0001pt 74.8pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 74.8pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#149;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A Research and Commercialization Agreement, as amended, (&#147;Research and Commercialization Agreement&#148;) that provides us with certain rights to obtain exclusive commercial licenses to proprietary monoclonal antibodies raised against certain antigens<b><u style="font-weight:bold;"> utilizing the Medarex UltiMAb&#174; technology platform for generating antibodies</u></b>.</font></p>
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<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;text-indent:34.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the terms of the Assignment and License Agreement and Research and Commercialization Agreement, we may be required to pay milestones <b><u style="font-weight:bold;">of up to $7.0 million upon obtaining first approval for commercial sale in a first indication of a product containing a licensed antibody</u></b> and royalty payments <b><u style="font-weight:bold;">in the low- to mid-single digits on any net product sales</u></b> to Medarex with respect to the development of any products containing such licensed antibodies. <b><u style="font-weight:bold;">In September&nbsp;2010, we exercised an option under our Research and Commercialization Agreement, whereby we have a commercial license to the human antibody technology specifically for CDX-1127, our CD27 antibody.</u></b></font></p>
<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;text-indent:34.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;text-indent:34.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2007, we and Medarex entered into a settlement and mutual release agreement which settled disputed amounts we owed Medarex. We issued to Medarex 351,692 shares of our common stock equal in value to $3.0 million, based on the per share price of $8.64 set on the second trading day prior to the closing date of the AVANT Merger and exchanged releases. At December&nbsp;31, 2008, we owed Medarex an additional $3.0 million related to a Master Services Agreement, which we paid Medarex in October&nbsp;2009.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey Riedler, Assistant Director</font></p>  </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;10, 2011</font></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Please provide us with draft disclosure for future filings that specifies the aggregate milestone payments as well as the range of royalties that you may be required to pay under each of the other agreements discussed herein.&#160; Also, please file your license agreement with Amgen,&nbsp;Inc. as an exhibit to your annual report.&#160; If you believe this agreement is not material and should not be filed, please provide us with the basis of your belief.</font></i></p>
<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESPONSE:</font></u><font size="2" style="font-size:10.0pt;">&#160; In response to the Staff&#146;s comment, below is draft disclosure concerning our agreements with Rockefeller University, Duke University Brain Tumor Cancer Center, Ludwig Institute for Cancer Research, Alteris Therapeutics,&nbsp;Inc., Thomas Jefferson University, 3M Company, University of Southampton, UK, Amgen Inc., Amgen Fremont (formerly Abgenix), and Seattle Genetics,&nbsp;Inc., to be made in future filings (marked to show changes from what is currently contained in our annual report on Form&nbsp;10-K for the Fiscal Year ended December&nbsp;31, 2009):</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Rockefeller University (&#147;Rockefeller&#148;)</i></font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In November&nbsp;2005, we and Rockefeller entered into a license agreement for the exclusive worldwide rights to human DEC-205 receptor, with the right to sublicense the technology. The license grant is exclusive except that Rockefeller may use and permit other nonprofit organizations to use the human DEC-205 receptor patent rights for educational and research purposes. We may be required to pay milestones <b><u style="font-weight:bold;">of up to $3.9 million upon obtaining first approval for commercial sale in a first indication of a product targeting the licensed receptor</u></b> and royalty payments <b><u style="font-weight:bold;">in the low- to mid-single digits on any net product sales</u></b> to Rockefeller with respect to development and commercialization of the human DEC-205 receptor. <strike>We may also be required to pay royalties on any product sales.</strike></font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Duke University Brain Tumor Cancer Center (&#147;Duke&#148;)</font></i></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In September&nbsp;2006, we and Duke entered into a license agreement that gave us access and reference to the clinical data generated by Duke and its collaborators in order for us to generate our own filing with the FDA relating to the CDX-110 product. We may be required to pay milestones <b><u style="font-weight:bold;">of up to $1.0 million upon obtaining first approval for commercial sale in a first indication</u></b> and royalty payments <b><u style="font-weight:bold;">in the low-single digits on any net product sales</u></b> to Duke with respect to development and commercialization of the CDX-110 product. In connection with the Pfizer Agreement, we determined that $2.4 million was payable to Duke as a sublicense fee. As provided for under the Duke license, we paid 50% of this amount to Duke in the form of 81,512 shares of our common stock in October&nbsp;2008.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ludwig Institute for Cancer Research (&#147;Ludwig&#148;)</font></i></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2006, we and Ludwig entered into an agreement for the nonexclusive rights to six cancer tumor targets for use in combination with our APC Targeting Technology. The term of the agreement is for ten years. We may be required to pay milestones <b><u style="font-weight:bold;">of up to $1.0 million upon obtaining first approval for commercial sale in a first indication</u></b> and royalty payments <b><u style="font-weight:bold;">in the low-single digits on any net product sales</u></b> to Ludwig with respect to development and commercialization of the technology licensed from Ludwig.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alteris Therapeutics,&nbsp;Inc. (&#147;Alteris&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2005, we completed the acquisition of the assets of Alteris, including the EGFRvIII molecule that we licensed to Pfizer under the Pfizer Agreement. We may be required to pay Alteris up to $5.0 million upon obtaining the first approval for commercial sale of a product containing EGFRvIII, including CDX 110.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;10, 2011</font></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Thomas Jefferson University (&#147;TJU&#148;)</font></i></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In February&nbsp;2003, we entered into three exclusive license agreements with TJU. Under these licenses, we may be required to pay milestones <b><u style="font-weight:bold;">of up to $3.0 million upon obtaining first approval for commercial sale in a first indication</u></b> and royalty payments <b><u style="font-weight:bold;">in the low-single digits on any net product sales</u></b> to TJU with respect to development and commercialization of the technology licensed from TJU. In connection with the Pfizer Agreement, we amended our licenses with TJU to add additional sublicensing rights and paid $4.5 million in sublicense fees to TJU in 2008.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3M Company</font></i></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2008, we and 3M Company entered into a license agreement for the exclusive worldwide rights to access 3M Company&#146;s proprietary Immune Response Modifier, Resiquimod&#153;, (and additional Toll-Like Receptor 7/8 agonists (&#147;TLR&#148;)) for clinical study with our proprietary APC Targeting Technology, for use as vaccine adjuvants, with the right to sublicense the technology. We may be required to pay milestones <b><u style="font-weight:bold;">of up to $3.8 million upon obtaining first approval for commercial sale of each product using this vaccine adjuvant</u></b> and royalty payments <b><u style="font-weight:bold;">in the low-single digits on any net product sales</u></b> to 3M Company with respect to development and commercialization of the technology licensed from 3M Company.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">University of Southampton, UK (&#147;Southampton&#148;)</font></i></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In November&nbsp;2008, we entered into a license agreement with Southampton to develop human antibodies towards CD27, a potentially important target for immunotherapy of various cancers. CD27 is a critical molecule in the activation pathway of lymphocytes, is downstream from CD40, and may provide a novel way to regulate the immune responses. In preclinical models, antibodies to CD27 have been shown to mediate anti-tumor effects alone, and may be particularly effective in combination with our other immunotherapies. We may be required to pay milestones <b><u style="font-weight:bold;">of up to approximately $1.4 million upon obtaining first approval for commercial sale in a first indication</u></b> and royalty payments <b><u style="font-weight:bold;">in the low-single digits on any net product sales</u></b> to Southampton with respect to development and commercialization of the technology licensed from Southampton.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Amgen Inc. (&#147;Amgen&#148;)</font></i></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;2009, we entered into a license agreement with Amgen to expand our Precision Targeted Immunotherapy Platform by acquiring exclusive rights to CDX-301 and CD40 ligand (CD40L). CDX-301 and CD40L are immune modulating molecules that increase the numbers and activity of immune cells that control immune responses. We may be required to pay milestones <b><u style="font-weight:bold;">of up to $1.3 million upon obtaining first approval for commercial sale in a first indication</u></b> and royalty payments <b><u style="font-weight:bold;">in the low-single digits on any net product sales</u></b> to Amgen with respect to development and commercialization of this technology licensed from Amgen.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;10, 2011</font></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Amgen Fremont (formerly Abgenix)</font></i></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the CuraGen Merger, we assumed the license agreement between CuraGen and Amgen Fremont (successor in-interest to Abgenix) to develop fully human monoclonal antibody therapeutics. In May&nbsp;2009, an amendment to the license agreement (&#147;Amgen Amendment&#148;) was entered into related to CuraGen&#146;s exclusive rights to develop and commercialize CDX-011 and 11 other licensed antigens. Under the Amgen Amendment, CuraGen and Amgen Fremont agreed to modify the terms of their existing cross license of antigens whereby the amended license would be fully paid-up and royalty-free (except for any potentially required payments by CuraGen to the original licensor of CDX-011).</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Seattle Genetics,&nbsp;Inc. (&#147;Seattle Genetics&#148;)</font></i></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the CuraGen Merger, we assumed the license agreement between CuraGen and Seattle Genetics whereby CuraGen acquired the rights to proprietary antibody-drug conjugate (&#147;ADC&#148;) technology for use with its their proprietary antibodies for the potential treatment of cancer. We may be required to pay milestones <b><u style="font-weight:bold;">of up to $7.5 million upon obtaining first approval for commercial sale in a first indication</u></b> and royalty payments <b><u style="font-weight:bold;">in the mid-single digits on any net product sales</u></b> to Seattle Genetics with respect to development and commercialization of the ADC technology.&#148;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please note that we filed our agreement with Amgen as an exhibit to the amendment to our annual report on Form&nbsp;10-K/A for the Fiscal Year ended December&nbsp;31, 2009, filed on December&nbsp;23, 2010.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K/A</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 11. Executive Compensation</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation Discussion and Analysis, page&nbsp;8</font></u></p>
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<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; You note that you establish individual performance goals as part of your executive compensation determination.&#160; While we recognize that you did not assign a relative weight to these goals and did not conduct a numerical assessment of them, please describe these goals, with specificity, describe the extent to which they were achieved and explain how the level of achievement impacted the final compensation awards for each named executive officer.</font></i></p>
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<p style="margin:0in 0in .0001pt 37.4pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESPONSE:</font></u><font size="2" style="font-size:10.0pt;">&#160; In response to the Staff&#146;s comment, we note that for 2009, the individual goals of the named executive officers were identical to the corporate performance goals described on pages&nbsp;10 and 11 of the Form&nbsp;10-K/A.&#160; As such, individual goals were not taken into account separately from the corporate performance goals.&#160; As discussed on page&nbsp;10 of the Form&nbsp;10-K/A, &#147;the Compensation Committee determined that we had achieved 100% of our stated 2009 bonus objectives&#148; (referring to the corporate performance goals), which resulted in each of the named executive officers receiving 100% of target bonus, as further discussed on pages&nbsp;11 and 12 of the Form&nbsp;10-K/A. In future filings we will, as applicable, either disclose that individual performance goals for the named executive officers are identical to the corporate performance goals, or, to the extent that they are not identical, we will describe the individual performance goals with specificity, describe the extent to which they were achieved and explain how the level of achievement impacted the final compensation awards for each named executive officer.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;10, 2011</font></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As requested in the Comment Letter, the Company hereby acknowledges that:</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company is responsible for the adequacy and accuracy of the disclosure in the filings referred to herein;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Staff comments or changes in disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you should have any questions concerning the enclosed matters, please do not hesitate to call Anthony O. Pergola at 973-597-2444.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Avery W. Catlin,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President and Chief Financial Officer</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Celldex Therapeutics,&nbsp;Inc.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Securities and Exchange Commission</font></i></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scot Foley,&nbsp;Esq.</font></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Lowenstein Sandler PC</font></i></p>  </td>  </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anthony O. Pergola,&nbsp;Esq.</font></p>  </td>  </tr>  </table>
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