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Biotech / Medical : MEDX ... anybody following?

MEDX 31.15

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Nov 3 1:15 PM EST

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From: Icebrg	10/2/2008 1:55:45 PM
	of 2240

Celldex Receives $10 Million Milestone Payment Thursday October 2, 8:00 am ET NEEDHAM, Mass.--(BUSINESS WIRE)--Celldex Therapeutics, Inc. (NASDAQ: CLDX - News) 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® in the United States. Rotarix® 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.”

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