Checkpoint Therapeutics, Inc. Announces Proposed Public Offering of Common Stock
March 07 2018 - 4:05PM
Checkpoint Therapeutics, Inc. (“Checkpoint” or the “Company”)
(Nasdaq:CKPT), a Fortress Biotech (Nasdaq:FBIO) company, today
announced that it is proposing to offer and sell, subject to market
conditions, shares of its common stock in an underwritten public
offering. Checkpoint expects to grant the underwriter a 45-day
option to purchase up to an additional 15 percent of the shares of
common stock offered in the public offering to cover
over-allotments, if any. All of the shares of common stock are
being offered by the Company. Checkpoint intends to use the
net proceeds from the offering primarily for the continued
development of its product candidates, the potential in-license,
acquisition, development and commercialization of other
pharmaceutical products and for general corporate purposes. The
final terms of the offering will depend on market and other
conditions at the time of pricing, and there can be no assurance as
to whether or when the offering may be completed, or as to the
actual size or terms of the offering.
National Securities Corporation, a wholly owned
subsidiary of National Holdings Corporation (Nasdaq:NHLD) is acting
as sole book running manager for the offering. Lake Street
Capital Markets, LLC, is acting as a qualified independent
underwriter within the meaning of FINRA Rule 5121 in connection
with this offering.
A shelf registration statement on Form S-3
(File. No. 333-221493) (the “Registration Statement”) relating to
the shares of common stock being offered was filed with the U.S.
Securities and Exchange Commission (SEC) and was declared effective
on December 1, 2017. Copies of the preliminary prospectus
supplement and the accompanying base prospectus relating to the
offering may be obtained by request to the offices of National
Securities Corporation, Attn: Marguerite Rogers, Sr. Vice
President, 200 Vesey St, 25th Floor, New York, NY 10281, Telephone:
(212) 417-8227; Email: prospectusrequest@nationalsecurities.com; or
the on the SEC’s website at http://www.sec.gov.
The offering will be made only by means of a
prospectus. A final prospectus supplement to the base prospectus
describing the terms of the offering will be filed with the
SEC. This press release shall not constitute an offer
to sell or a solicitation of an offer to buy securities of the
Company, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale
is not permitted.
About Checkpoint Therapeutics
Checkpoint Therapeutics, Inc. (“Checkpoint”) is a clinical-stage,
immuno-oncology biopharmaceutical company focused on the
acquisition, development and commercialization of novel treatments
for patients with solid tumor cancers. Checkpoint’s lead product
candidate is a fully-human monoclonal antibody licensed from the
Dana-Farber Cancer Institute that targets programmed death-ligand 1
(“PD-L1”). Checkpoint commenced a Phase 1 clinical study for its
anti-PD-L1 antibody, CK-301, in October 2017, evaluating the safety
and tolerability of CK-301 in checkpoint therapy-naïve patients
with selected recurrent or metastatic cancers, and plans to develop
CK-301 as a treatment for patients with non-small cell lung cancer
(“NSCLC”) and other solid tumors. In addition, Checkpoint is
developing a small-molecule, targeted anti-cancer agent, CK-101,
for the treatment of patients with epidermal growth factor receptor
(“EGFR”) mutation-positive NSCLC. In September 2016, Checkpoint
commenced the Phase 1 portion of a Phase 1/2 clinical study for
CK-101. Checkpoint’s pipeline also includes antibodies that target
glucocorticoid-induced TNFR-related protein (“GITR”) and carbonic
anhydrase IX (“CAIX”), in addition to oral, small-molecule,
targeted anti-cancer agents that inhibit bromodomain and
extra-terminal (“BET”) proteins and poly (ADP-ribose) polymerase
(“PARP”). Checkpoint is a majority-controlled subsidiary of
Fortress Biotech, Inc., and is headquartered in New York City. For
more information, visit www.checkpointtx.com.
About Fortress Biotech Fortress
Biotech, Inc. (“Fortress”) is a biopharmaceutical company dedicated
to acquiring, developing and commercializing novel pharmaceutical
and biotechnology products. Fortress develops and commercializes
products both within Fortress and through certain of its subsidiary
companies, also known as Fortress Companies. In addition to its
internal development programs, Fortress leverages its
biopharmaceutical business expertise and drug development
capabilities and provides funding and management services to help
the Fortress Companies achieve their goals. Fortress and the
Fortress Companies may seek licensing arrangements, acquisitions,
partnerships, joint ventures and/or public and private financings
to accelerate and provide additional funding to support their
research and development programs. For more information, visit
www.fortressbiotech.com.
Forward‐Looking Statements This
press release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, each as amended. Such
statements include, but are not limited to, any statements relating
to our growth strategy and product development programs and any
other statements that are not historical facts. Forward-looking
statements are based on management’s current expectations and are
subject to risks and uncertainties that could negatively affect our
business, operating results, financial condition and stock value.
Factors that could cause actual results to differ materially from
those currently anticipated include: risks relating to our growth
strategy and inability to raise funds through the offering or
otherwise; our ability to obtain, perform under and maintain
financing and strategic agreements and relationships; risks
relating to the results of research and development activities;
risks relating to the timing of starting and completing clinical
trials; uncertainties relating to preclinical and clinical testing;
our dependence on third-party suppliers; our ability to attract,
integrate and retain key personnel; the early stage of products
under development; our need for substantial additional funds;
government regulation; patent and intellectual property matters;
competition; as well as other risks described in our SEC filings,
including in the Registration Statement. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
Company Contact: Jaclyn Jaffe
Checkpoint Therapeutics, Inc. (781) 652-4500ir@checkpointtx.com
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