11:03 AM EDT, 07/02/2024 (MT Newswires) -- Checkpoint Therapeutics ( CKPT ) said Tuesday it completed the resubmission of its biologics license application to the US Food and Drug Administration for cosibelimab, a potential treatment for metastatic or locally advanced cutaneous squamous cell carcinoma.

Checkpoint said it recently reached "alignment with the FDA on its BLA resubmission strategy to potentially address all approvability deficiencies outlined in the complete response letter" received in December."

Separately, Checkpoint agreed with an institutional investor to issue and sell 5.85 million shares at $2.05 apiece in a registered direct offering for expected gross proceeds of $12 million.

In a simultaneous private placement, the company will issue and sell unregistered warrants to buy up to 5.85 million shares. The warrants will have an exercise price of $2.05 a share.

The offering is expected to around Wednesday, the company said. Checkpoints plans to use the proceeds for working capital and general corporate purposes.

The company's shares rose 3.4% in recent trading Tuesday.

Price: 2.12, Change: +0.07, Percent Change: +3.39