Celldex Therapeutics, Inc. (NASDAQ:CLDX) released financial and business highlights for the first quarter closed March 2017. Anthony Marucci, the CEO and President, reported that in 1Q 2017, they recorded notable growth across their pipeline. They continue to anticipate enrollment completion in their ongoing trial of glembatumumab vedotin targeting triple negative breast cancer by the close of September.
Celldex completed enrollment in the planned Phase II glembatumumab vedotin and varlilumab combination cohort targeting checkpoint-refractory metastatic melanoma. gpNMB is highly shown in triple negative breast cancer and melanoma, among others, and is related with more aggressive ailment. They consider taking an antibody-medication conjugate approach targeting gpNMB results in a strong cytotoxic impact within the tumor and its surrounding environment and may eventually lead in better outcomes for patients.
The company look forward to releasing data from programs at ASCO in June 2017. The programs list includes Phase II single-agent trial of glembatumumab vedotin targeting metastatic melanoma and the second program is Phase 1 combination trial of varlilumab and Opdivo.
In 1Q 2017, Celldex reported total revenue of $1.5 million against $1.3 million for the same quarter in 2016. The jump in revenue was mainly due to their clinical trial deal with Bristol-Myers Squibb and their R&D deal with Rockefeller University.
As of March 31, 2017, cash/cash equivalents came at $167 million versus $189.8 million recorded at the close of December 31, 2016. The decline was mainly led by first quarter cash utilized in operating activities of almost $35.3 million which comprised a payment of $4.7 million to a vendor of Kolltan. This due was assumed in the Kolltan deal.
Celldex reported that this decline was partially offset by the sales receipt of $12.8 million from its common stock under Cantor deal. As of the close of March 31, 2017, the company reported 124.2 million shares outstanding.