CAMBRIDGE, Mass., June 17, 2020 /PRNewswire/ -- Leap
Therapeutics, Inc. (NASDAQ:LPTX), a biotechnology company focused
on developing targeted and immuno-oncology therapeutics, today
announced that it has commenced an underwritten public offering of
its common stock and, in lieu of common stock, Leap intends to
offer and sell to certain investors pre-funded warrants to purchase
shares of its common stock. All shares of common stock and
pre-funded warrants to be sold in the offering will be offered by
Leap. Leap intends to grant the underwriters a 30-day option to
purchase up to an aggregate of an additional 15% of the securities
offered in the public offering. The offering is subject to market,
regulatory, and other conditions, and there can be no assurance as
to whether or when the offering may be completed, or as to the
actual size or terms of the offering.
Piper Sandler & Co. and
Raymond James & Associates, Inc.
will act as book-running managers for the offering.
Leap intends to use the net proceeds from the offering to fund:
(i) the continued development of DKN-01; (ii) manufacturing of
clinical trial material; and (iii) general corporate purposes,
including working capital and other general and administrative
expenses.
The securities will be issued pursuant to an effective
shelf registration statement on Form S-3 (File No. 333-223419) that
was previously filed by Leap with the Securities and Exchange
Commission (the "SEC") on March 2,
2018 and was declared effective by the SEC on March 16, 2018. A preliminary prospectus
supplement and the related prospectus will be filed with the SEC
and will be available for free on the SEC's website at
http://www.sec.gov. Copies of the preliminary prospectus supplement
and the accompanying prospectus relating to the offering, when
available, may be obtained from: Piper
Sandler & Co., Attn: Prospectus Department, 800 Nicollet
Mall, J12S03, Minneapolis, MN,
55402, by telephone at (800) 747-3924, or by email at
prospectus@psc.com. These documents may also be obtained from:
Raymond James & Associates,
Inc., Attention: Equity Syndicate, 880 Carillon Parkway,
St. Petersburg, Florida 33716, or
by telephone at (800) 248-8863, or e-mail at
prospectus@raymondjames.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Leap Therapeutics
Leap Therapeutics (Nasdaq:LPTX) is focused on developing
targeted and immuno-oncology therapeutics. Leap's most advanced
clinical candidate, DKN-01, is a humanized monoclonal antibody
targeting the Dickkopf-1 (DKK1)
protein, a Wnt pathway modulator. DKN-01 is in clinical trials in
patients with esophagogastric, hepatobiliary, gynecologic, and
prostate cancers. Leap has formed a partnership with BeiGene, Ltd.
for the rights to develop DKN-01 in Asia (excluding Japan), Australia, and New
Zealand. For more information about Leap Therapeutics, visit
http://www.leaptx.com or our public filings with the SEC that are
available via EDGAR at http://www.sec.gov or via
https://investors.leaptx.com/.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995, which involve risks and
uncertainties. These statements include statements relating to the
proposed offering, Leap's intention to grant the underwriters an
option to purchase additional shares, Leap's intended use of
proceeds from the offering, Leap's expectations with respect to the
development and advancement of DKN-01, including the initiation,
timing and design of future studies, enrollment in future studies,
potential for the receipt of future option exercise, milestones or
royalty payments from BeiGene, and other future expectations, plans
and prospects. Although Leap believes that the expectations
reflected in such forward-looking statements are reasonable as of
the date made, forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially from our expectations. Such
risks and uncertainties include, but are not limited to: that the
initiation, conduct, and completion of clinical trials, laboratory
operations, manufacturing campaigns, and other studies may be
delayed, adversely affected, or impacted by COVID-19 related
issues, the accuracy of our estimates regarding expenses, future
revenues, capital requirements and needs for financing; the
outcome, cost, and timing of our product development activities and
clinical trials; the uncertain clinical development process,
including the risk that clinical trials may not have an effective
design or generate positive results; our ability to obtain and
maintain regulatory approval of our drug product candidates; the
size and growth potential of the markets for our drug product
candidates; our ability to continue obtaining and maintaining
intellectual property protection for our drug product candidates;
and other risks. Detailed information regarding factors that may
cause actual results to differ materially will be included in Leap
Therapeutics' periodic filings with the SEC, including Leap's
Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as filed with the SEC on
March 16, 2020 and as may be updated
by Leap's Quarterly Reports on Form 10-Q and the other reports we
file from time to time with the SEC. Any forward-looking statements
contained in this release speak only as of its date. We undertake
no obligation to update any forward-looking statements contained in
this release to reflect events or circumstances occurring after its
date or to reflect the occurrence of unanticipated events.
CONTACT:
Douglas E. Onsi
President & Chief Executive Officer
Leap Therapeutics, Inc.
617-714-0360
donsi@leaptx.com
Heather Savelle
Investor Relations
Argot Partners
212-600-1902
heather@argotpartners.com
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SOURCE Leap Therapeutics, Inc.