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Celldex Therapeutics Announces $1.7 Million Milestone Payment from Rockefeller University Related to Collaboration on HIV Antibody Program
Celldex also eligible to receive future milestone payments plus royalties HAMPTON, N.J., March 03, 2020 (GLOBE NEWSWIRE) -- Celldex Therapeutics, Inc.
About this update from Celldex Therapeutics, Inc.
[{"type":"text","content":"Celldex also eligible to receive future milestone payments plus royalties\nHAMPTON, N.J., March 03, 2020 (GLOBE NEWSWIRE) -- Celldex Therapeutics, Inc. (Nasdaq:CLDX) announced today that the Company will receive a $1.7 million payment related to an existing 2013 agreement with Rockefeller University under which Celldex performed manufacturing and development services for Rockefeller University’s portfolio of broadly neutralizing antibodies (bNAbs) against HIV, including two clinical-stage candidates 3BNC117 and 10-1074. These investigational agents have potential for use in HIV long-acting therapies for treatment and prevention, as well as cure strategies. This portfolio was licensed by Gilead Sciences in January of 2020 from Rockefeller University and pursuant to Celldex’s agreement with Rockefeller, Celldex will receive an upfront payment of $1.7 million as a result of this transaction and is eligible to receive additional milestone payments as these products progress through clinical development plus royalties on potential future sales.\n “Our in-house R&D and manufacturing capabilities have allowed Celldex to more effectively and efficiently advance our preclinical candidates into and through clinical development,” said Anthony Marucci, Co-founder, President and Chief Executive Officer of Celldex Therapeutics. “Partnering with others to perform manufacturing and R&D services for their programs takes advantage of our considerable experience and supplies a revenue stream which offsets cost associated with our own internal programs. In addition, it allows us to continue to grow our extensive experience in antibody drug development. Rockefeller has been a long-standing partner and we are very pleased to play a role in their success.” Under the terms of the agreement, Celldex utilized their internal capabilities in production cell line development, process development and GMP manufacturing to support the rapid and successful execution of Rockefeller University’s clinical development of 3BNC117 and 10-1074. Celldex also contributed to the IND and clinical studies by managing key IND-enabling studies and clinical sample testing for pharmacokinetics and anti-drug antibodies. The close collaboration between Celldex and Rockefeller University allowed for efficient program development and the ability to rapidly overcome challenges. Abo...