Celldex Therapeutics Inc. (NASDAQ: CLDX) announced it has commenced an underwritten public offering to sell shares of its common stock. The biotechnology company also expects to grant underwriters a 30-day option to purchase up to an additional 15% of the shares offered.

All shares in the offering are being sold by the company. The final terms depend on market conditions at the time of pricing, and completion of the offering is not assured.

Celldex stated it intends to use the net proceeds, combined with existing cash and securities, to fund commercial readiness activities and potential launch of barzolvolimab for chronic spontaneous urticaria treatment in the United States if approved. The funds will also support clinical and preclinical development of product candidates, grow its bispecific antibody platform, develop additional pipeline candidates, and support general corporate purposes.

Leerink Partners and TD Cowen are serving as joint bookrunning managers for the proposed offering.

The securities will be offered under a shelf registration statement on Form S-3 that became effective on November 3, 2023. The offering will be made through a prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission.

Celldex is a clinical-stage biotechnology company focused on mast cell biology and developing antibody-based therapeutics for inflammatory, allergic, autoimmune and other diseases.