Checkpoint Therapeutics Shares Rise 17% After Direct Offering Prices

Dow Jones01-29

By Chris Wack

Checkpoint Therapeutics shares were up 17% to $1.97 after the company entered into a definitive agreement with a single healthcare-dedicated institutional investor for the issuance and sale of 7.8 million shares at $1.805 a share in a registered direct offering priced at-the-market.

In a concurrent private placement, Checkpoint will issue and sell unregistered warrants to buy up to 7.8 million shares.

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

The closing of the offering is expected to occur on or about Wednesday, and the proceeds from the offering are expected to be $14 million.

Checkpoint intends to use the proceeds of this offering for working capital and general corporate purposes, including funding the planned resubmission of its Biologics License Application for cosibelimab.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 29, 2024 10:21 ET (15:21 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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