Celldex Receives $10 Million Milestone Payment.

NEEDHAM, Mass. -- Celldex Therapeutics, Inc. (NASDAQ: CLDX) today announced that it has received a milestone payment of $10,000,000 from an affiliate of Paul Capital Healthcare (PCH). The payment was triggered by the market launch of Rotarix([R]) in the United States. Rotarix([R]) is marketed worldwide by GlaxoSmithKline (GSK).

"We are thrilled that GSK has successfully launched Rotarix in advance of the rotavirus season, enabling infants to receive this important vaccination in the coming months," stated Anthony S. Marucci, Celldex's President and Chief Executive Officer. "We are also pleased to receive this final milestone payment from Paul Capital Healthcare and will use the proceeds to advance our ongoing clinical programs and to support the creation of additional novel disease-specific drug candidates through our proprietary Precision Targeted Immunotherapy Platform."

"In purchasing a portion of Celldex's Rotarix royalty stream, Paul Capital Healthcare has helped Celldex to monetize a previously under-appreciated asset," said John Leone, a partner at Paul Capital Healthcare. "The U.S. approval and launch of Rotarix validate our assessment of the product's value and Celldex's contribution to its development. Through our agreement with Celldex, we have provided the company with growth capital to advance and expand its development pipeline. We are pleased to support Celldex's continued innovation and commend the company on its continued success."

About Celldex Therapeutics, Inc.

Celldex Therapeutics is an integrated biopharmaceutical company that applies its comprehensive Precision Targeted Immunotherapy Platform to generate a pipeline of candidates to treat cancer and other difficult-to-treat diseases. Celldex's immunotherapy platform includes a complementary portfolio of monoclonal antibodies, antibody-targeted vaccines and immunomodulators to create novel disease-specific drug candidates. For more information, please visit http://www.celldextherapeutics.com.

About Paul Capital Healthcare (formerly Paul Royalty Fund) and Paul Capital Partners

Paul Capital Partners manages $6.6 billion in capital commitments for its three investment platforms and has offices in New York, San Francisco, Paris, London and Toronto. Paul Capital Healthcare comprises one of the largest dedicated healthcare funds globally, with approximately $1.6 billion under management. Paul Capital Healthcare has made investments in the pharmaceutical, biotechnology, and medical device sectors totaling more than $965 million. These investments are focused on commercial stage companies and products, and consist of investments in the form of royalties, revenue interests and equity. For more information on Paul Capital Partners and Paul Capital Healthcare visit http://www.paulcapital.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements that are subject to a variety of risks and uncertainties and reflect Celldex's current views with respect to future events and financial performance. There are a number of important factors that could cause the actual results to differ materially from those expressed in any forward-looking statement made by Celldex. These factors include, but are not limited to: (1) the successful integration of the businesses, multiple technologies and programs of Celldex; (2) the ability to adopt Celldex's APC Targeting Technology(TM) to develop new, safe and effective vaccines against oncology and infectious disease indications; (3) the ability to adapt Celldex's vectoring systems to develop new, safe and effective orally administered vaccines against disease causing agents; (4) the ability to successfully complete product research and further development, including animal, preclinical and clinical studies, and commercialization of CDX-110, CDX-1307, CholeraGarde[R] (Peru-15), Ty800, ETEC E. coli vaccine, and other products and Celldex's expectations regarding market growth; (5) the cost, timing, scope and results of ongoing safety and efficacy trials of CDX-110, CDX-1307, CholeraGarde[R] (Peru-15), Ty800, ETEC E. coli vaccine and other preclinical and clinical testing; (6) the ability to negotiate strategic partnerships or other disposition transactions for Celldex's cardiovascular programs, including TP10 and CETi; (7) the ability of Celldex to manage multiple clinical trials for a variety of product candidates; (8) the volume and profitability of product sales of Megan([R])Vac 1, Megan([R])Egg and other future products; (9) GlaxoSmithKline's, or Glaxo's, process of obtaining regulatory approval for the sale of Rotarix([R]) in major commercial markets, as well as the timing and success of worldwide commercialization of Rotarix([R]) by Glaxo, which is not within our control; (10) Glaxo's strategy and business plans to launch and supply Rotarix([R]) worldwide, including in the U.S. and other major markets, which is not within our control, and its payment of royalties to Celldex; (11)Pfizer's and our strategy and business plans concerning the continued development and commercialization of CDX-110; (12) Celldex's expectations regarding its technological capabilities and expanding its focus to broader markets for vaccines; (13) changes in existing and potential relationships with corporate collaborators; (14) the availability, cost, delivery and quality of clinical and commercial grade materials produced at Celldex's own manufacturing facility or supplied by contract manufacturers and partners; (15) the timing, cost and uncertainty of obtaining regulatory approvals; (16) Celldex's ability to develop and commercialize products before competitors that are superior to the alternatives developed by such competitors; (17) Celldex's ability to retain certain members of management;(18) Celldex's expectations regarding research and development expenses and general and administrative expenses; (19) Celldex's expectations regarding cash balances, capital requirements, anticipated royalty payments, revenues and expenses, including infrastructure expenses; (20) the ability to obtain substantial additional funding; (21) Celldex's belief regarding the validity of our patents and potential litigation; and (22) certain other factors that might cause Celldex's actual results to differ materially from those in the forward-looking statements including those set forth under the headings "Business," "Risk Factors" and Management's Discussion and Analysis of Financial Condition and Results of Operations" in each of Celldex's Annual Report on Form 10-K, its current Reports on Form 8-K, as well as those described in Celldex's other press releases and filings with the Securities and Exchange Commission, from time to time. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this press release, and Celldex does not promise to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.