Celldex (CLDX) Q3 Loss Narrower Than Expected, Sales Beat
Zacks Investment Research | Nov 09, 2016 03:45AM ET
Celldex Therapeutics, Inc. (NASDAQ:CLDX) reported third-quarter 2016 loss of 29 cents per share, narrower than both the Zacks Consensus Estimate and the year-ago loss of 32 cents.
Total revenue in the third quarter of 2016 surged 120% year over year to $2.2 million, beating the Zacks Consensus Estimate of $1.1 million. Revenues were generated mainly under the clinical trial collaboration with Bristol-Myers Squibb Company (NYSE:BMY) , and the research and development agreement with Rockefeller University.
Research and development expenses inched up 1.2% from the year-ago period to $25 million, reflecting higher contract manufacturing costs and personnel costs including higher stock-based compensation expense. On the other hand, general and administrative spend declined 17.6% to $7 million, due to lower commercial planning costs.
Earlier this month, Celldex inked definitive agreement to acquire Kolltan Pharmaceuticals, Inc., a privately held clinical-stage company. The transaction is expected to be completed by 2016 end. Following the transaction, Celldex will acquire the rights to two candidates in Kolltan’s pipeline – KTN0158 (phase I) and KTN3379 (phase Ib). Celldex will also acquire Kolltan’s multi-faceted TAM program.
Meanwhile, Celldex is conducting a phase IIb study (METRIC) on glembatumumab vedotin, its most advanced pipeline candidate, in patients with metastatic triple-negative breast cancers that overexpress gpNMB. The candidate is also being evaluated in several other studies.
Meanwhile, the company is evaluating varlilumab in combination with Bristol-Myers’ Opdivo in a study that includes cohorts in advanced non-small cell lung cancer, colorectal cancer, ovarian cancer, head and neck squamous cell carcinoma, renal cell carcinoma and glioblastoma.
In addition, varlilumab is being evaluated in combination with Roche’s (OTC:RHHBY) Tecentriq (atezolizumab) in a phase I/II study for multiple solid tumors. Varlilumab is also in several other combination studies.
Celldex expects that cash, cash equivalents and marketable securities plus anticipated proceeds from future sales of its common stock under the agreement with Cantor to be enough to fund working capital requirements and planned operations, including the integration of Kolltan Pharmaceuticals, through 2018.
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