On March 15, 2018 – Checkpoint Therapeutics, Inc. ("Checkpoint") (NASDAQ: CKPT),
a clinical-stage, immuno-oncology biopharmaceutical company focused on the acquisition,
development and commercialization of novel treatments for patients with solid tumor cancers, reported its financial results and recent corporate highlights for the fourth quarter and full year ended December 31, 2017 (Press release, Checkpoint Therapeutics, MAR 15, 2018, http://www.checkpointtx.com/press-releases/checkpoint-therapeutics-reports-fourth-quarter-and-full-year-2017-financial-results-and-recent-corporate-highlights/ [SID1234525088]).
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James F. Oliviero, President and Chief Executive Officer of Checkpoint, said, "Checkpoint achieved
significant financial and pipeline-related milestones in 2017. Most notably, our common stock
began trading on The NASDAQ Capital Market in June 2017, and in October, we announced the
dosing of the first patient in our Phase 1 trial of our anti-PD-L1 antibody, CK-301. In addition, the
FDA granted Orphan Drug Designation to our third-generation EGFR inhibitor, CK-101, for the
treatment of EGFR mutation-positive non-small cell lung cancer. As we enter 2018, we believe
we are well-positioned to generate initial efficacy data from our clinical trials in support of our
planned registration studies to commence in 2019."
Financial Results:
• Cash Position: As of December 31, 2017, Checkpoint’s cash and cash equivalents totaled
$19.2 million, compared to $35.1 million at December 31, 2016, a decrease of $15.9
million. On a non-GAAP basis, pro-forma cash and cash equivalents as of December 31,
2017 (excluding first quarter 2018 operations) totaled approximately $40.1 million, after
giving effect to $20.9 million of net proceeds from an underwritten public offering during
March 2018.
• R&D Expenses: Research and development expenses for the year ended December 31,
2017 were $19.1 million, compared to $20.3 million for the year ended December 31,
2016, a decrease of $1.2 million.
• G&A Expenses: General and administrative expenses for the year ended December 31,
2017 were $5.4 million, compared to $4.5 million for the year ended December 31, 2016,
an increase of $0.9 million.
• Net Loss: Net loss attributable to common stock holders for the year ended December
31, 2017 was $22.7 million, or $1.00 per share, compared to a net loss of $22.5 million,
or $1.04 per share, for the year ended December 31, 2016.
2017 and Recent Corporate Highlights:
• In February 2017, the U.S. Patent and Trademark Office issued a composition of matter
patent for CK‐101, an oral, third‐generation epidermal growth factor receptor ("EGFR")
inhibitor in development for the treatment of EGFR mutation‐positive non‐small cell lung
cancer ("NSCLC").
• In June 2017, Checkpoint’s common stock began trading on The NASDAQ Capital Market
under the ticker symbol "CKPT."
• In September 2017, Checkpoint announced that the U. S. Food and Drug Administration
granted Orphan Drug Designation to CK-101 for the treatment of EGFR mutation-positive
NSCLC.
• In October 2017, Checkpoint announced the dosing of the first patient in a Phase 1 clinical
trial evaluating the safety and tolerability of CK-301, an anti-PD-L1 antibody, in checkpoint
therapy-naïve patients with selected recurrent or metastatic cancers.
• In March 2018, Checkpoint completed an underwritten public offering that raised net
proceeds of $20.9 million.