Checkmate Pharmaceuticals Announces Pricing of Initial Public Offering

Rhea-AI Summary

Checkmate Pharmaceuticals, Inc. (NASDAQ: CMPI) has announced the pricing of its initial public offering (IPO) of 5,000,000 shares at $15.00 each, aiming to raise approximately $75 million before expenses. The shares will trade on Nasdaq starting August 7, 2020, with the offering expected to close on August 11, 2020. Underwriters have a 30-day option to purchase an additional 750,000 shares. The funds will support Checkmate's proprietary cancer therapy development, CMP-001, which utilizes the immune system to fight cancer.

Positive

• IPO pricing set at $15.00 per share, raising approximately $75 million.
• Strong demand expected from institutional investors.

Negative

• Potential dilution of shares due to offering of additional 750,000 shares.
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CAMBRIDGE, Mass., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Checkmate Pharmaceuticals, Inc. (NASDAQ: CMPI), a clinical stage biotechnology company focused on developing proprietary technology to harness the power of the immune system to combat cancer, today announced the pricing of its initial public offering of 5,000,000 shares of common stock at a public offering price of $15.00 per share. All of the shares are being offered by Checkmate. Checkmate’s common stock is expected to begin trading on the Nasdaq Global Market under the ticker symbol “CMPI” on August 7, 2020. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Checkmate, are expected to be approximately $75,000,000. The offering is expected to close on August 11, 2020, subject to the satisfaction of customary closing conditions. Checkmate has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions.

BofA Securities, Jefferies and BMO Capital Markets are acting as joint book-running managers for the offering. BTIG is acting as lead manager for the offering.

A registration statement relating to these securities became effective on August 6, 2020. The offering will be made only by means of a prospectus, copies of which may be obtained from BofA Securities, Inc., NC1-004-03-43, Attention: Prospectus Department, 200 North College Street, 3rd Floor, Charlotte, NC 29255, by telephone at (800) 294-1322,  or by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, by telephone at (877) 821-7388 or by e-mail at Prospectus_Department@Jefferies.com; or from BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, New York, NY 10036, by telephone at (800) 414-3627 or by email to bmoprospectus@bmo.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Checkmate Pharmaceuticals

Checkmate Pharmaceuticals is a clinical stage biotechnology company focused on developing proprietary technology to harness the power of the immune system to combat cancer. Checkmate’s product candidate, CMP-001, is a differentiated TLR9 agonist delivered as a biologic virus-like particle designed to trigger the body’s innate immune system to attack tumors in combination with other therapies.

FAQ

What are the details of Checkmate Pharmaceuticals' IPO?

Checkmate Pharmaceuticals is offering 5,000,000 shares at $15.00 each, with gross proceeds expected to be around $75 million.

When will CMPI begin trading on Nasdaq?

CMPI is expected to start trading on Nasdaq on August 7, 2020.

What is CMP-001?

CMP-001 is Checkmate's product candidate, designed to activate the immune system to combat cancer.

When is the closing date for the IPO?

The IPO is expected to close on August 11, 2020, subject to customary conditions.