Checkpoint Therapeutics Prices Offering Of 7.76 Mln Shares At $1.805/shr

(RTTNews) - Checkpoint Therapeutics, Inc. (CKPT), a clinical-stage immunotherapy and targeted oncology firm, said on Monday that it has inked a deal with an institutional investor for the issuance and sale of its 7,756,233 shares at $1.805 per share in a direct offering. In addition, in a concurrent private placement, Checkpoint will issue and sell unregistered warrants to purchase up to its 7,756,233 shares.

The warrants will have an exercise price of $1.68 per share, will be exercisable immediately upon issuance and will expire five years following the date of issuance.

Gross proceeds from the offering, to be closed on or about January 31, are estimated to be at around $14 million. Checkpoint intends to use the net proceeds from the offering for working capital and general corporate purposes.

This includes the funding the planned resubmission of its Biologics License Application for Cosibelimab.

H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.

CKPT was trading down by 3.57 percent at $1.62 per share in the pre-market trade on the Nasdaq.