Checkpoint Therapeutics sells 7.76M shares at $1.805 in registered direct offer

Checkpoint Therapeutics announced that it has entered into a definitive agreement with a single healthcare-dedicated institutional investor for the issuance and sale of an aggregate of 7,756,233 shares of its common stock at a purchase price of $1.805 per share of common stock, in a registered direct offering priced at-the-market. In addition, in a concurrent private placement, Checkpoint will issue and sell unregistered warrants to purchase up to 7,756,233 shares of common stock. 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 issuance date. H.C. Wainwright & Co. is acting as exclusive placement agent for the offering. The closing of the offering is expected to occur on or about January 31, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $14M. Checkpoint intends to use the net proceeds of this offering for working capital and general corporate purposes, including funding the planned resubmission of its Biologics License Application for cosibelimab.