Checkpoint Therapeutics, Inc. (“Checkpoint”) (Nasdaq: CKPT) is pleased to announce that it has signed a definitive agreement to offer for sale a total of 3,256,269 shares of its common stock, along with Series A and Series B warrants that, when exercised, would grant buyers the right to purchase up to 3,256,269 additional shares of common stock at $3.071 each.
This registered direct offering is conveniently priced at-the-market under Nasdaq rules, offering investors an exciting opportunity to have access to this cutting-edge immunotherapy and targeted oncology company.
Upon issuance, both the Series A and Series B warrants are immediately exercisable. The Series A warrants have a five-year expiration date and an exercise price of $2.821 per share, while the Series B warrants have an eighteen-month expiration date and an exercise price of the same amount. With the immediate exercisability of these two warrants, investors now have more time and opportunities to take advantage of this great investment opportunity.
H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.
Checkpoint is expected to close the offering on or around May 25, 2023, with an estimated gross of $10 million in proceeds. These funds will be used to support working capital and general corporate needs, such as the manufacture of cosibelimab and other pre-commercial activities as the company prepares for potential approval and commercial launch.
Checkpoint is offering securities through a registered direct offering, details of which are found in the Form S-3 shelf registration statement that was filed with and ascertained by the Securities and Exchange Commission (SEC) on March 24, 2023.
The associated prospectus, prospectus supplement, and registration statement are available for review on the SEC’s website. To obtain a digital copy, please contact H.C. Wainwright & Co., LLC at 430 Park Ave., New York, New York 10022 or call (212) 856-5711 or email [email protected]. Don’t miss your opportunity to learn more about the terms and conditions of this offering!
This press release is not an invitation to purchase the securities offered in this offering. In addition, the sale, solicitation or offer of these securities is prohibited in any state or other jurisdiction in which such offer, solicitation or sale would be considered unlawful before registration or qualification under the relevant securities laws.
About Checkpoint Therapeutics
Checkpoint Therapeutics, Inc. is a revolutionary clinical-stage immunotherapy and targeted oncology company that is changing the way cancer is treated. Through its innovative approach, the company is paving the way for novel treatments for patients with solid tumor cancers. Checkpoint’s lead antibody product candidate, cosibelimab, a potential best-in-class anti-PD-L1 antibody licensed from the Dana-Farber Cancer Institute, is currently being evaluated in an open-label, multi-regional, multicohort Phase 1 clinical trial.
Moreover, Checkpoint is also dedicated to developing and commercializing its lead small-molecule, targeted anti-cancer agent, olafertinib (formerly CK-101), a third-generation epidermal growth factor receptor (“EGFR”) inhibitor, as a potential new treatment for patients with EGFR mutation-positive non-small cell lung cancer. Checkpoint has filed a Biologics License Application (“BLA”) for cosibelimab with a Prescription Drug User Fee Act (“PDUFA”) goal date of January 3, 2024. Headquartered in Waltham, MA, Checkpoint is bringing hope and new treatments to
Forward-Looking Statements
We are pleased to announce the completion of our registered direct offering, subject to satisfaction of customary closing conditions. Our proposed therapeutic, cosibelimab, is being reviewed by the U.S. Food and Drug Administration (“FDA”) for the treatment of metastatic or locally advanced cSCC.
We are hopeful that, if approved, cosibelimab may offer meaningful advantages over other currently available anti-PD-1 therapies, including a potentially favorable safety profile, increased efficacy due to its two-fold mechanism of action, and shorter timeline to market. Although publication and regulatory review timelines remain subject to uncertainty, we remain determined to bring this potentially life-saving product to those in need.
This press release and prior releases can be found on our website, www.checkpointtx.com, for reference purposes only. All forward-looking statements set forth in this press release are only applicable up to the date of the press release and do not reflect any changes in the future.
As per the law, we must update the public on any changes to our expectations or any evolvements in events, conditions or circumstances which could affect our statements. Stay up to date with all news and information released by CheckpointTX.