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Listed underwriters of the IPO are BofA Securities, Jefferies, BMO Capital Markets and BTIG. Management’s presentation of the company roadshow is available here. The remainder for working capital and general corporate purposes. CHECKMATE PHARMACEUTICALS LICENSEPer the firm’s most recent regulatory filing, it plans to use the net proceeds as follows:Īpproximately $25.0 million to fund the completion of a Phase 2 PD-1 refractory melanoma study with CMP-001 and supporting studies to enable a potential submission of a Biologics License Application seeking accelerated approval Īpproximately $25.0 million to fund the development of CMP-001 in PD-1 naïve front-line melanoma Īpproximately $8.0 million to fund the completion of a Phase 2 proof of concept study with CMP-001 in head and neck squamous cell carcinoma Īpproximately $35.0 million to fund manufacturing and scale-up activities in support of clinical trials and potential commercial production and No existing shareholders have indicated an interest to purchase shares at the IPO price, a common feature of many life science IPOs.Īssuming a successful IPO at the midpoint of the proposed price range, the company’s enterprise value at IPO would approximate $424.6 million.Įxcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 23.32%. (Unaudited, interim) IPO DetailsĬMPI intends to sell 5.0 million shares of common stock at a midpoint price of $15.00 per share for gross proceeds of approximately $75 million, not including the sale of customary underwriter options. ![]() CHECKMATE PHARMACEUTICALS FULLMajor competitive vendors that provide or are developing treatments for the above conditions include:Ĭheckmate’s recent financial results are typical of a development stage biopharma in that they feature no revenue and significant R&D and G&A expenses associated with advancing its pipeline.īelow are the company’s financial results for the past two and ¼ years (Audited PCAOB for full years):Īs of March 31, 2020, the company had $3.9 million in cash and $5.0 million in total liabilities. So, the combined markets for the company's drug treatment pipeline are forecast to grow to approximately $10.4 billion by the late 2020's. Key elements driving this expected growth are continued exposure to ultraviolet light and population aging leading to reduced immune system function.Īlso, the market for HNSCC (Head and Neck Squamous Cell Carcinoma) is expected to reach $4.5 billion by 2027, growing at an expected 17.3% from 2020 to 2027. This represents a forecast CAGR (Compound Annual Growth Rate) of CAGR of 12.62% from 2018 to 2023. Market & CompetitionĪccording to a 2018 market research report by Research And Markets, the global market for melanoma treatments is expected to reach $5.9 billion by 2023. Investors in the firm have invested at least $191 million and include Sofinnova Ventures, venBio, Novo Holdings, Longitude Capital Partners, Decheng Capital, F-Prime Capital, Medicxi and Omega Fund. ![]() The firm's drug candidate 'is designed to trigger the body's innate immune system.and directing activated anti-tumor T cells to attack both the injected tumor and also tumors throughout the body.'ĬMP-001 has produced a 'best overall response rate of 28%, including post-progression responders.'īelow is the current status of the company’s drug development pipeline: CHECKMATE PHARMACEUTICALS SKINManagement is headed by Barry Labinger, who has been with the firm since December 2018 and was previously president and CEO of Biothera Pharmaceuticals, a clinical stage cancer immunotherapy company.īelow is a brief overview video of skin cancers: Company & TechnologyĬambridge, Massachusetts-based Checkmate was founded to develop its CMP-001 candidate, a Toll-like receptor 9, TLR9 'agonist delivered as a biologic virus-like particle, or VLP.' The company is advancing a biologic particle treatment for melanomas and head & neck squamous cell carcinomas.ĬMPI’s pipeline is quite promising and the IPO is not overpriced, so for life science investors with a patient hold time frame, the IPO may be worth considering. ![]() ![]() CHECKMATE PHARMACEUTICALS REGISTRATIONCheckmate Pharmaceuticals ( CMPI) intends to raise $75 million from the sale of its common stock stock in an IPO, according to an amended registration statement. ![]()
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