Checkpoint Therapeutics Announces $20.0 Million Bought Deal Offering
NEW YORK, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc. (“Checkpoint” or the “Company”) (NASDAQ: CKPT), a clinical-stage immunotherapy and targeted oncology company, today announced that it has entered into an underwriting agreement with H.C. Wainwright & Co., LLC under which the underwriter has agreed to purchase on a firm commitment basis 7,142,857 shares of common stock of the Company, at a price to the public of $2.80 per share, less underwriting discounts and commissions. The closing of the offering is expected to occur on or about September 22, 2020, subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
The Company also has granted to the underwriter a 30-day option to purchase up to an additional 1,071,428 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Checkpoint, before deducting underwriting discounts and commissions and offering expenses and assuming no exercise of the underwriter's option to purchase additional common stock, are expected to be approximately $20.0 million. The Company intends to use the net proceeds from this offering for development, regulatory and commercial preparation activities relating to cosibelimab, and for general corporate purposes.
The shares of common stock are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-221493) originally filed with the Securities and Exchange Commission (the "SEC") on November 9, 2017, and declared effective by the SEC on December 1, 2017. The offering of the shares of common stock is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to, and describing the terms of, the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement and accompanying prospectus may also be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or e-mail at firstname.lastname@example.org.