Million Sublicense Income Payment from TopoTarget

Million Sublicense Income Payment from TopoTarget

NEEDHAM, MA (February 16,

2010): Celldex Therapeutics, Inc. (NASDAQ: CLDX) today

announced that it has received a sublicense income payment of $3 million from

TopoTarget A/S (NASDAQ-OMX: TOPO.CO) as a result of the recent co-development

and commercialization agreement between TopoTarget and Spectrum Pharmaceuticals, Inc.

(NASDAQ: SPPI) for Belinostat, a novel histone deacetylase (HDAC) inhibitor for

the treatment of cancer. In this transaction, TopoTarget granted Spectrum a

license for the co-development and commercialization of Belinostat in North

America and India, with an option for the Chinese rights, in exchange for an

upfront cash payment of $30 million.

Based on an April 2008

agreement in which a Celldex-acquired company, CuraGen Corporation, sold the

Belinostat rights to TopoTarget, Celldex is entitled to, among other provisions,

10% of any sublicense income received by TopoTarget for Belinostat up to $6

million in the aggregate. Celldex acquired CuraGen in October 2009. Under

the April 2008 agreement, TopoTarget assumed all financial and operational

responsibility for the clinical development of Belinostat.

About Celldex Therapeutics, Inc.

Celldex Therapeutics is

the first antibody-based combination immunotherapy company. Celldex has a

pipeline of drug candidates in development for the treatment of cancer and

other difficult-to-treat diseases based on its antibody focused Precision

Targeted Immunotherapy Platform. The PTI Platform is a complementary portfolio

of monoclonal antibodies, antibody-targeted vaccines and immunomodulators used

in optimal combinations to create novel disease-specific drug candidates. For more information, please visit

http://www.celldextherapeutics.com.

Harbor Statement Under the Private Securities Litigation Reform Act of

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 of

our programs. Forward-

FOURTH AVENUE NEEDHAM, MA 02494-2725 USA 781-433-0771 FAX 781-433-0262

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 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, the uncertainties of any future

payments with respect to Belinostat, as the development and commercialization

of Belinostat is completely outside of the Celldex s control; the successful

integration of the businesses, multiple technologies and programs of CuraGen

and Celldex; our ability to adapt APC Targeting TechnologyTM to develop new, safe and effective vaccines

against oncology and infectious disease indications; our ability to

successfully complete product research and further development of our programs;

the uncertainties inherent in clinical testing; our ability to manage research

and development efforts for multiple products at varying stages of development;

Pfizer s and our strategy and business plans concerning the continued

development and commercialization of CDX-110; the timing, cost and uncertainty

of obtaining regulatory approvals; the failure of the market for the Company s

programs to continue to develop; the inability to obtain additional capital;

the inability 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 risks detailed from time to time in the Company s filings

with the Securities and Exchange Commission, including the Company s Form 10-K

for the fiscal year ended December 31, 2008, and its Forms