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Celldex takes larger 4Q loss on acquisition costs

Thu, 03/04/2010 - 6:17am
The Associated Press

Cancer drug developer Celldex Therapeutics Inc. reported a larger fourth-quarter loss Thursday due to charges related to its acquisition of Curagen Corp., sending its shares lower.

In morning trading, Celldex stock fell 39 cents, or 7 percent, to $5.15.

Celldex said it took a bigger loss of $13.5 million, or 43 cents per share, compared with a $7.5 million, or 47 cents per share, loss a year ago. Celldex had about 31.6 million shares on the market during the most recent quarter, up from 15.8 million in the last quarter of 2008. Revenue increased to $4.7 million from $3 million.

Thomson Reuters says analysts were expecting a loss of 29 cents per share and revenue of $3.7 million.

The company reported 15 cents per share in charges related to the Curagen deal, which closed on Dec. 31. Celldex agreed to acquire Curagen in an all-stock deal in May. Its offer valued Curagen at $94.5 million.

In the fourth quarter, Celldex's product royalties nearly doubled to $2.5 million from $1.4 million.

For the year, the company lost $37.1 million, or $1.87 per share, down from $47.5 million, or $3.34 per share in 2008. Revenue more than doubled to $15.2 million from $7.5 million.

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