Celldex Therapeutics Announces Appointment to Board of Directors
December 14 2016 - 4:01PM
Celldex Therapeutics, Inc. (NASDAQ:CLDX) today announced the
appointment of Gerald McMahon, Ph.D., to the Company’s Board of
Directors. Dr. McMahon was previously the President and Chief
Executive Officer of Kolltan Pharmaceuticals. In addition, the
Company announced that Richard van den Broek has resigned from the
Board due to increasing responsibilities in other endeavors.
"Dr. McMahon brings an exceptional background in science and
drug development, particularly in the oncology space, to the
Celldex Board,” said Larry Ellberger, Chairman of the Board of
Directors at Celldex Therapeutics. "We believe he will be a
valuable addition as we advance a robust pipeline, which now also
includes drug candidates targeting receptor tyrosine kinases, an
area of expertise for Jerry. I would also like to recognize Rich
for his contributions to Celldex. We wish him all the best in his
future endeavors."
Prior to joining Kolltan, Dr. McMahon served as Senior Vice
President, R&D Oncology at MedImmune, where he oversaw the
strategy and investment for the oncologic biologics pipeline. Prior
to joining MedImmune, Dr. McMahon was a Venture Partner at Bay City
Capital. Previously, he held roles including that of Chairman and
CEO of Poniard Pharmaceuticals, CEO and President of NeoRx and
President at SUGEN, where he played a critical role in the
successful discovery, development, and regulatory approvals of
Sutent® and Palladia®. Dr. McMahon also was a Director at Sandoz,
serving in various research and development roles. Dr. McMahon
received his B.S. in Biology and Ph.D. in Biochemistry from
Rensselaer Polytechnic Institute. He has held academic appointments
at the Tufts University School of Medicine, Department of
Hematology & Oncology at the New England Medical Center, and
the Massachusetts Institute of Technology.
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 StatementThis 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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