CAMBRIDGE, Mass., June 18, 2020 /PRNewswire/ -- Leap Therapeutics,
Inc. (NASDAQ:LPTX), a biotechnology company focused on developing
targeted and immuno-oncology therapeutics, today announced the
pricing of an underwritten public offering of its common stock at a
public offering price of $2.00 per
share and of pre-funded warrants to purchase shares of its common
stock at a public offering price of $1.999 per pre-funded warrant, which represents
the per share public offering price for the common stock less the
$0.001 per share exercise price for
each pre-funded warrant. The gross proceeds to Leap from this
offering are expected to be approximately $45 million, before deducting underwriting
discounts and commissions and other estimated offering expenses
payable by Leap. All shares of common stock and pre-funded warrants
to be sold in the offering will be offered by Leap. In addition,
Leap has granted the underwriters a 30-day option to purchase up to
an aggregate of an additional 3,375,000 shares of its common stock
at the public offering price per share, less underwriting discounts
and commissions. The offering is expected to close on or about
June 22, 2020, subject to
satisfaction of customary closing conditions.
Piper Sandler & Co. and
Raymond James & Associates, Inc.
are acting as book-running managers for the offering. Robert W.
Baird & Co. Incorporated is acting as the lead manager. H.C.
Wainwright & Co. and Ladenburg Thalmann & Co. Inc are
acting as co-managers.
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 offered and sold 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 has been filed
with the SEC and will be available for free on the SEC's website at
http://www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectus relating to the offering, when
available, may be obtained from: Piper
Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN, 55402, Attention: Prospectus
Department, by telephone at (800) 747-3924 or by email at
prospectus@psc.com or 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
offering, 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/leap-therapeutics-announces-pricing-of-45-million-of-common-stock-and-pre-funded-warrants-301079540.html
SOURCE Leap Therapeutics, Inc.