CKPT Prices Offering At $1.27/Shr

(RTTNews) - Checkpoint Therapeutics, Inc. (CKPT) plans to sell 13.40 million shares of its common stock at a price of $1.27 per share.

The underwriters have a 45-day option to purchase up to an additional 2.01 million shares. The company expects to receive gross proceeds of $17.02 million from this offering. Assuming full exercise of the underwriter's option to buy additional shares, gross proceeds would be $19.57 million.

Checkpoint plans to use net proceeds primarily to support the continued development of Cosibelimab and for general corporate purposes.

Cosibelimab is under a phase I clinical trial in cutaneous squamous cell carcinoma patients. Additional monotherapy and combination Phase 3 clinical trials are planned to expand the potential market opportunity for Cosibelimab to multiple non-small cell lung cancer indications.

National Securities, a wholly owned subsidiary of National Holdings Corp. (NHLD), is acting as the sole book running manager for the offering.

Another product in the pipeline is CK-101, under a phase I clinical trial for the treatment of patients with EGFR mutation-positive non-small cell lung cancer.

Checkpoint also looks forward to soon reporting additional clinical data for CK-101 in order to support the potential initiation of a Phase 3 clinical trial in first-line EGFR mutation-positive NSCLC.