CELLDEX REPORTS THIRD QUARTER AND NINE MONTH FINANCIAL RESULTS - Conference Call Wednesday, November 5, at 9:00 a.m. Eastern Time - NEEDHAM, MA (

CELLDEX REPORTS THIRD QUARTER AND

NINE MONTH FINANCIAL RESULTS

- Conference Call Wednesday, November 5,

at 9:00 a.m. Eastern Time -

NEEDHAM, MA (November 5,

Therapeutics, Inc. (NASDAQ: CLDX)

today reported financial results for the third quarter and nine-month period

ended September 30, 2008. Celldex reported a net loss of $7.7 million, or

$0.49 per share, for the third quarter of 2008 compared to a net loss of $4.1

million, or $0.49 per share, for the third quarter of 2007. For the nine months

ended September 30, 2008, Celldex reported a net loss of $40.0 million, or

$2.92 per share, compared to a net loss of $10.8 million, or $1.31 per share,

for the nine months ended September 30, 2007. Effective October 1,

2008, the Company changed its name from AVANT Immunotherapeutics, Inc. to

Celldex Therapeutics, Inc.

results reflect the activities of pre-merger, privately-held Celldex only. As

discussed in further detail later in this release, the increase in net loss

between the three-month periods was primarily due to increased operating

expenses as a result of the merger of AVANT and Celldex, offset partially by

increased revenues and investment and other income. The increase in net loss

between the nine-month periods was primarily due to increased operating

expenses for the combined companies and non-cash charges of $19.1 million, or

$1.39 per share, relating to $14.8 million of purchased in-process research and

development and $4.3 million of stock-based compensation expense. At September 30,

2008, Celldex reported cash and cash equivalents of $42.7 million. This amount

does not include a $10 million milestone payment from Paul Capital Healthcare

upon GlaxoSmithKline s U.S. launch of Rotarix , which was received on October 1,

2008. The decrease in cash and cash equivalents of $9.7 million from June 30,

2008 includes one-time cash payments to licensors of $3.5 million for

sublicense fees and approximately $0.7 million in equipment purchases required

to convert our Fall River facility to cell culture manufacturing. The Company

believes that its current cash and cash equivalents together with the payment

received from Paul Capital Healthcare will be sufficient to meet estimated

working capital requirements and fund operations into the second half of 2010.

Celldex continues to

make significant progress in its ongoing clinical trials, said Anthony S.

Marucci, Celldex s President and Chief Executive Officer. We have established

a positive relationship with our partner Pfizer and together are developing the

clinical pathway to commercialization for CDX-110 in glioblastoma multiforme.

We are actively enrolling patients in two parallel Phase 1 dose-escalation

studies of CDX-1307 in metastatic or locally advanced breast, colorectal,

pancreatic, ovarian and bladder cancers. The ten million dollar milestone

payment for the launch of Rotarix further adds to an already strong

cash position and will support our plans to advance additional candidates from

our Precision Targeted Immunotherapy Pipeline into clinical trials in 2009.

Key 2008 events this

Appointed Anthony S. Marucci as

President and Chief Executive Officer of the Company. Mr. Marucci had

served as interim President and Chief Executive Officer since May 2008.

Changed the Company s name to Celldex

Therapeutics to more accurately reflect the Company s expertise and focus on

developing therapeutic vaccines and antibodies, including Celldex s proprietary

Precision Targeted Immunotherapy Platform of monoclonal antibodies,

antibody-targeted vaccines and immunomodulators to create novel

disease-specific drug candidates.

Received a $10 million milestone

payment from Paul Capital Healthcare on October 1, 2008, triggered by

Glaxo s market launch of Rotarix .

Presented at the 28th Annual

Canaccord Adams Global Growth Conference in August and the UBS 2008 Global

Life Sciences Conference in September.

Financial Highlights

The net loss for the

third quarter of 2008 showed an increase of $3.6 million compared to the net

loss for the same period in 2007. The increase in net loss reflected an

increase in operating expenses which includes the combined operations of AVANT

and Celldex post-merger, offset in part by an increase in revenues. The increase

in net loss also reflected an increase in investment and other income. Research

and development (R&D) expenses in the third quarter of 2008 increased $3.5

million compared to R&D expenses in 2007 due primarily to sublicense fees

payable and increased clinical trials costs for CDX-110 and CD-1307. General

and administrative (G&A) expenses increased $2.9 million due primarily to

stock-based compensation expense of $1.4 million and increased professional

The nine-month results

for 2008 reflect an increase in net loss compared to the same period in 2007.

The increase in net loss reflected an increase in operating expenses due

primarily to the combined operating expenses of the two companies from March 8

to September 30, 2008, including a non-cash charge of $14.8 million for

purchased in-process R&D and non-cash charges of $1.4 million and $2.9

million for stock-based compensation expense in R&D expense and G&A

expense, respectively. The increase in operating expenses also resulted from higher

general and administrative expenses, which is primarily due to increases in

personnel-related expenses and professional services costs for the combined

companies. The increase in net loss also reflected an increase in investment

Revenues for the first

nine months of 2008 increased compared with revenues for the first nine months

of 2007. The increase in product

development and licensing revenue in 2008 primarily reflects recognition

of $0.5 million and $1.0 million in Pfizer deferred revenue related to CDX-110

in the second and third quarters of 2008, respectively. The decrease in

contracts and grants revenue in 2008 compared to 2007 primarily reflects

reduced levels of vaccine development work billable to Rockefeller University

between periods. In the first nine months of 2008, Celldex also recognized $1.7

million in product royalty revenue related to offsetting royalty expense

payable to Cincinnati Children s Hospital (CCH).

Information Related to Celldex s Financial Results

the Company completed the merger with privately-held Celldex Therapeutics, Inc.

In connection with the merger, the Company s board of directors approved a

1-for-12 reverse stock split of its common stock, which became effective on March 7,

2008. As of September 30, 2008, the Company had approximately