Checkpoint Therapeutics plunges after FDA declines to approve skin cancer therapy

Checkpoint Therapeutics

18/12/2023 12:45

** Shares of drug developer Checkpoint Therapeutics  CKPT.O 
slump 45.2% to $1.82 premarket
    ** U.S. health regulator declines approval of its lead
experimental therapy to treat a type of advanced skin cancer,
citing issues related to a third-party contract manufacturer
    ** Co says U.S. FDA did not state any concerns about the
data or safety of the drug in its so-called "complete response
letter"
    ** CKPT filed marketing application for the therapy earlier
this year
    ** "We believe we can address the feedback in a resubmission
to enable marketing approval in 2024," CEO James Oliviero said
in a statement 
    ** As of last close, stock down 35% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))