Solid tumor biotech Checkmate Pharmaceuticals sets terms for $75 million IPO
Checkmate Pharmaceuticals, a clinical stage immuno-oncology biotech developing therapies for solid tumors, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $75 million by offering 5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Checkmate Pharmaceuticals would command a fully diluted market value of $348 million.
The company's sole candidate, CMP-001, is a differentiated Toll-like receptor 9 agonist delivered as a biologic virus-like particle utilizing a CpG-A oligonucleotide as a key component. The company states that its goal is to establish CMP-001 as a foundational immuno-oncology therapy for patients with a broad range of solid tumors. To date, CMP-001 has been studied in more than 200 melanoma patients. In its Phase 1b trial for advanced anti-PD-1 refractory melanoma, in combination with pembrolizumab and as a monotherapy, the company has observed a best objective response rate of 28%.
Checkmate Pharmaceuticals was founded in 2015 and plans to list on the Nasdaq under the symbol CMPI. BofA Securities, Jefferies, BMO Capital Markets and BTIG are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2020.
The article Solid tumor biotech Checkmate Pharmaceuticals sets terms for $75 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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