Celldex Therapeutics Completes Acquisition of Kolltan Pharmaceuticals
November 29 2016 - 4:01PM
Celldex Therapeutics, Inc. (Nasdaq:CLDX) announced today it has
completed its previously announced acquisition of Kolltan
Pharmaceuticals, Inc., a privately held company focused on the
discovery and development of novel, antibody-based drugs targeting
receptor tyrosine kinases (RTKs).
“Celldex has added a unique platform of antibodies targeting
receptor tyrosine kinases, which are validated targets in oncology,
to our pipeline. Clinical and preclinical data suggest these
candidates can help overcome tumor resistance mechanisms associated
with current tyrosine kinase inhibitors and seen in patients who
have failed other cancer therapies,” said Anthony Marucci,
Co-founder, President and Chief Executive Officer of Celldex. “We
believe these programs are highly compatible with our scientific
approach and can be developed independently and in combination with
Celldex's existing product candidates. We are finalizing our
integrated clinical development strategy and look forward to
outlining these plans in the coming weeks.”
The following programs have been added to the Celldex
pipeline:
- CDX-0158 (formerly KTN0158) — a humanized monoclonal antibody
that is a potent inhibitor of KIT activation and receptor
dimerization in tumor cells and mast cells, which is currently in a
Phase 1 dose escalation study in refractory gastrointestinal
stromal tumors (GIST).
- CDX-3379 (formerly KTN3379) — a human monoclonal antibody
designed to block the activity of ErbB3 (HER3), which recently
completed a Phase 1b study with combination cohorts where
meaningful responses and stable disease were observed in cetuximab
(Erbitux®) refractory patients in head and neck squamous cell
carcinoma and in BRAF-mutant non-small cell lung cancer
(NSCLC).
- A multi-faceted TAM program — a broad antibody discovery effort
underway to generate antibodies that modulate the TAM family of
RTKs, comprised of Tyro3, AXL and MerTK, which are expressed on
tumor-infiltrating macrophages, dendritic cells and some tumors.
Research supports TAMs having broad application and potential
across immuno-oncology and inflammatory diseases.
About Celldex Therapeutics, Inc.
Celldex is developing targeted therapeutics to address
devastating diseases for which available treatments are inadequate.
Our pipeline is built from a proprietary portfolio of antibodies
and immunomodulators used alone and in strategic combinations to
create novel, disease-specific therapies that induce, enhance or
suppress the body's immune response. Visit www.celldex.com.
Forward Looking Statement
This release contains "forward-looking statements" made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including those related to the Company's
strategic focus and the future development and commercialization
(by Celldex and others) of glembatumumab vedotin ("glemba";
CDX-011), varlilumab ("varli"; CDX-1127) and other products and our
goals for 2016. 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 or
that those goals will be achieved, 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 successfully complete research and further
development and commercialization of glembatumumab vedotin and
other drug candidates; our ability to obtain additional capital to
meet our long-term liquidity needs on acceptable terms, or at all,
including the additional capital which will be necessary to
complete the clinical trials that we have initiated or plan to
initiate; our ability to successfully integrate our and Kolltan’s
business and to operate the combined businesses efficiently; our
ability to realize the anticipated benefits from the acquisition of
Kolltan; the uncertainties inherent in clinical testing and
accruing patients for clinical trials; our limited experience in
bringing programs through Phase 3 clinical trials; our ability to
manage and successfully complete multiple clinical trials and the
research and development efforts for our multiple products at
varying stages of development; the availability, cost, delivery and
quality of clinical and commercial grade materials produced by our
own manufacturing facility or supplied by contract manufacturers,
who may be our sole source of supply; the timing, cost and
uncertainty of obtaining regulatory approvals; our ability to
maintain and derive benefit from the Fast Track designation for
glembatumumab vedotin which does not change the standards for
regulatory approval or guarantee regulatory approval on an
expedited basis, or at all; the failure of the market for the
Company's programs to continue to develop; our ability to protect
the Company's intellectual property; the loss of any executive
officers or key personnel or consultants; competition; changes in
the regulatory landscape or the imposition of regulations that
affect the Company's products; and other factors listed under "Risk
Factors" in our annual report on Form 10-K and quarterly reports on
Form 10-Q.
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.
Company Contact
Sarah Cavanaugh
Vice President of Investor Relations & Corp Communications
Celldex Therapeutics, Inc.
(781) 433-3161
scavanaugh@celldex.com
Charles Liles
Associate Director of Investor Relations & Corp Communications
Celldex Therapeutics, Inc.
(781) 433-3107
cliles@celldex.com
Media Inquiries
Dan Budwick
BrewLife
(973) 271-6085
dbudwick@brewlife.com
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