Celldex Therapeutics pulls IPO as 'inadvisable' under current market conditions

By Jennifer Chiou

New York, Aug. 31 - Celldex Therapeutics, Inc. said it withdrew its previously filed registration statement for a proposed initial public offering because market conditions make it "inadvisable" to go ahead, according to a filing with the Securities and Exchange Commission.

The company, which originally filed an S-1 registration statement with the SEC on April 9, 2004, has not sold any securities.

Celldex had intended to offer up to 4 million shares with a 600,000-share greenshoe at $8.00 to $10.00 per share.

As previously announced, Medarex Inc. would have owned about 70% of the company after the completed IPO.

Based in Bloomsbury, N.J., Celldex is a biotechnology company focused on off-the-shelf or universal cancer therapies. The company has HCG-VAC, a cancer vaccine, in development to treat colorectal, pancreatic, bladder and breast cancers.

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