Celldex Therapeutics Announces Proposed Public Offering of Common Stock

Celldex Therapeutics Announces Proposed

Public Offering of Common Stock

N.J., November 7, 2023 (GLOBE NEWSWIRE) -- Celldex Therapeutics, Inc. ("Celldex" or the "Company")

(Nasdaq: CLDX) today announced that it is proposing to offer and sell, subject to market conditions, shares of its common stock in

an underwritten public offering. Celldex expects to grant the underwriters a 30-day option to purchase up to an additional 15% of

the shares of common stock offered in the public offering. All of the shares of common stock are being offered by the Company. Celldex

intends to use the net proceeds from the offering to continue clinical and preclinical development of its product candidates, including

current and future development of barzolvolimab, growing its bispecific antibody platform and clinical candidates, funding ongoing

efforts to develop additional clinical pipeline products and for general corporate purposes. The final terms of the offering will depend

on market and other conditions at the time of pricing, and there can be no assurance as to whether or when the offering may be completed,

or as to the actual size or terms of the offering.

Jefferies and Leerink Partners are acting as the joint book-running

managers for the proposed offering.

securities described above will be offered pursuant to a shelf registration statement on Form S-3 (File No. 333-275300), which

was previously filed with the Securities and Exchange Commission ("SEC") and became automatically effective on November 3,

2023. A preliminary prospectus supplement and accompanying base prospectus relating to and describing the terms of the offering will

be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov, copies

of which may be obtained, when available, for free by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520

Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by e-mail at prospectus_department@jefferies.com; or

Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105

or by email at syndicate@leerink.com.

The offering will be made only by means of a prospectus. This press

release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall

there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior

to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Celldex Therapeutics, Inc.

Celldex is a clinical stage biotechnology company leading the science at the intersection of mast cell biology and the development of

transformative therapeutics for patients. Our pipeline includes antibody-based therapeutics which have the ability to engage the human

immune system and/or directly affect critical pathways to improve the lives of patients with severe inflammatory, allergic and autoimmune

and other devastating diseases.

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. These statements are typically preceded by words such as "believes," "expects,"

"anticipates," "intends," "will," "may," "should," or similar expressions.

These 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, risks associated with market conditions and the satisfaction of customary closing conditions

related to the offering and uncertainties related to the Company's expectations regarding the completion, timing and size of the

proposed offering. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed

in these forward-looking statements, as well as risks relating to the Company's business in general, please refer to the Company's

prospectus supplement to be filed with the SEC, and the documents incorporated by reference therein, including the Company's Form 10-K

for the year ended December 31, 2022 and Forms 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30,

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.

Senior Vice President, Corporate Affairs & Administration

Celldex Therapeutics, Inc.