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Checkpoint Therapeutics Announces $10M Registered Direct Offering of Common Stock

NEW YORK – Checkpoint Therapeutics on Tuesday announced a $10 million registered direct offering of common stock or pre-funded warrants to purchase common stock.

The firm is selling 3,256,269 shares of its common stock or pre-funded Series A and Series B warrants to purchase up to 3,256,269 shares of common stock at a purchase price of $3.07 per share. The Series A warrants will be immediately exercisable at $2.82 per share and expire five years after the issuance date. The Series B warrants will also be exercisable immediately at $2.82 per share but will expire 18 months following the issuance date.

H.C. Wainwright is the exclusive placement agent for the offering, which is expected to close on May 25.

Checkpoint intends to use the net proceeds for working capital and general corporate purposes, to manufacture its lead candidate cosibelimab, an anti-PD-L1 antibody, and to fund certain pre-commercial activities in anticipation of potential approval and commercial launch.

The firm is studying cosibelimab in locally advanced and metastatic cutaneous squamous cell carcinoma. In January, Checkpoint submitted a biologics license application to the US Food and Drug Administration seeking cosibelimab's approval in this indication. The company is also developing an EGFR inhibitor, olafertinib, as a treatment for EGFR-mutant non-small cell lung cancer, and has programs targeting BET, GITR, and CAIX in earlier stages.

In February, Checkpoint raised $7.5 million in a registered direct offering that it had also said would support manufacturing and pre-commercial activities of cosibelimab.