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CLDX > SEC Filings for CLDX > Form 8-K on 5-Dec-2013All Recent SEC Filings

Show all filings for CELLDEX THERAPEUTICS, INC.



Entry into a Material Definitive Agreement, Financial Statements and E

Item 1.01 Entry into a Material Definitive Agreement.

On December 4, 2013, Celldex Therapeutics, Inc. (the "Company") and certain of the Company's stockholders (the "Selling Stockholders") entered into an underwriting agreement (the "Underwriting Agreement") with Jefferies LLC and Leerink Swann LLC, as representatives of the several underwriters named in Schedule A to the Underwriting Agreement (the "Underwriters"). Pursuant to the terms and conditions of the Underwriting Agreement, the Company agreed to sell 7,000,000 shares of its common stock, par value $0.001 per share (the "Common Stock"), to the Underwriters at a price of $24.50 per share, less underwriting discounts and commissions. Also pursuant to the Underwriting Agreement, the Company and the Selling Stockholders have granted the Underwriters an option to purchase up to an additional 813,483 and 236,517 shares, respectively, of Common Stock within 30 days after the date of the Underwriting Agreement. If the Underwriters exercise this option in part, the Underwriters will first purchase the Common Stock offered by the Selling Stockholders, on a pro rata basis, before purchasing any shares from the Company. The sale to the Underwriters is expected to close on December 10, 2013, subject to customary closing conditions.

The shares of Common Stock will be issued pursuant to a prospectus supplement dated December 4, 2013, which will be filed with the Securities and Exchange Commission in connection with a takedown from the Company's shelf registration statement on Form S-3 (File No. 333-192640), filed with the Securities and Exchange Commission and effective on December 3, 2013, and the related base prospectus dated December 3, 2013.

The Underwriting Agreement provides that the obligations of the Underwriters are subject to certain conditions precedent and that the Underwriters have agreed, severally and not jointly, to purchase all of the shares being sold under the Underwriting Agreement if any of the shares are purchased (other than the shares subject to the Underwriters' option to purchase additional shares). Additionally, the Underwriting Agreement contains customary representations, warranties, and covenants by the Company and customary indemnification obligations of each of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended. In addition, subject to certain exceptions, each director and executive officer of the Company has entered into an agreement with the Underwriters not to sell, transfer or otherwise dispose of securities of the Company during the 90-day period following the offering, subject to extension in certain circumstances. The Company is also restricted in its ability to sell securities during such 90-day period.

The Company estimates that the net proceeds to the Company from the offering (exclusive of proceeds from the sale of shares pursuant to any exercise of the Underwriters' option to purchase additional shares described above) will be approximately $162,725,000, after deducting the underwriting discounts and commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds to fund clinical trials of its product candidates and for working capital and other general corporate purposes.

The Company will not receive any proceeds from the sale of shares of Common Stock by the Selling Stockholders. However, the Selling Stockholders will exercise presently exercisable stock options in order to purchase the shares of Common Stock they are offering pursuant to the Underwriting Agreement. The Company intends to use any proceeds it receives from the exercise of such options for general corporate purposes. The Company will also bear the costs, other than underwriting discounts and commissions, associated with the sale of shares of Common Stock by the Selling Stockholders.

The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is filed herewith as Exhibit 1.1. The provisions of the Underwriting Agreement, including the representations and warranties contained therein, are not for the benefit of any party other than the parties to such agreement and are not intended as a document for investors and the public to obtain factual information about the current state of affairs of the Company. Rather, investors and the public should look to other disclosures contained in the Company's filings with the Commission. A copy of the opinion of Lowenstein Sandler LLP relating to the legality of the issuance and sale of the shares in the offering is attached as Exhibit 5.1 hereto.

A copy of the press release with respect to the Underwriting Agreement is furnished as Exhibit 99.1 hereto.

Item 9.01 Financial Statements and Exhibits.

(d)   Exhibit No.                               Description.

          1.1        Underwriting Agreement, dated December 4, 2013, by and between
                     Celldex Therapeutics, Inc., the Selling Stockholders, and
                     Jefferies LLC and Leerink Swann LLC
          5.1        Opinion of Lowenstein Sandler LLP
         23.1        Consent of Lowenstein Sandler LLP (included in the opinion of
                     Lowenstein Sandler LLP as Exhibit 5.1)
         99.1        Press Release, dated December 4, 2013

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