Checkpoint Therapeutics Enters Agreement for Share Issuance

Checkpoint Therapeutics, a healthcare company, has recently entered into a definitive agreement with a single healthcare-dedicated institutional investor. This agreement involves the issuance and sale of 7.8 million shares at a price of $1.805 per share in a registered direct offering priced at-the-market.

Concurrent Private Placement

In addition to the registered direct offering, Checkpoint will also be conducting a concurrent private placement. This placement will involve the issuance and sale of unregistered warrants, granting the option to purchase up to 7.8 million shares.

Warrants Details

The warrants included in the private placement will have an exercise price of $1.68 per share. Upon issuance, these warrants will be immediately exercisable and will remain valid for a period of five years.

Expected Closing and Proceeds

The closing of the offering is anticipated to take place on or about Wednesday. As a result of this offering, Checkpoint expects to generate proceeds amounting to $14 million.

Utilization of Proceeds

The funds raised from this offering will be allocated towards working capital and general corporate purposes for Checkpoint Therapeutics. This includes providing financial support for the planned resubmission of its Biologics License Application for cosibelimab.