Checkpoint Therapeutics Announces Exercise of Warrants, Raises $11.13 Million for Ongoing Clinical Trials

Checkpoint Therapeutics, a clinical-stage immunotherapy and targeted oncology company, has recently entered into a definitive agreement for the immediate exercise of certain outstanding warrants. The exercise of these warrants is expected to raise approximately $11.13 million in gross proceeds for the company.

The warrants being exercised include Series A and Series B warrants, with an exercise price of $4.075 per share and $5.00 per share, respectively. These warrants were issued by Checkpoint in December 2022 and February 2023. Under the agreement, the warrants will be exercised at a reduced price of $1.76 per share.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. In exchange for the immediate exercise of the warrants for cash, Checkpoint will issue new unregistered Series A and Series B warrants to purchase up to 6,325,354 shares of common stock.

The net proceeds from this offering will be used for working capital and general corporate purposes, including the manufacturing of cosibelimab, Checkpoint’s lead antibody product candidate. Cosibelimab is currently being evaluated in a Phase 1 clinical trial for the treatment of selected recurrent or metastatic cancers. Checkpoint has submitted a Biologics License Application for the treatment of metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC), and the application is currently under review.

Checkpoint Therapeutics is focused on developing novel treatments for patients with solid tumor cancers. The company’s lead product candidates, cosibelimab and olafertinib, show promising potential in the field of immunotherapy and targeted oncology.

For more information about Checkpoint Therapeutics and its ongoing clinical trials, visit their website at www.checkpointtx.com.