Update: This morning (on May 18) Celldex issued a new release stating the price of the offering at $3.15 - a huge discount to the market price of $3.88. Link
Among many risk factors listed the one useful item for biotech/pharma investors is the clear listing of their competitors. Maybe one could spread your bets across the field at other GOOD companies too!
Disclosure: I am long Aug $5 calls and I was debating about shorting yesterday for a short term gain - but I did NOT.haha, missed out on this opportunity!