Leap Therapeutics Announces Proposed Public Offering of Common Stock
March 22 2018 - 4:05PM
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. All shares of common stock 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 shares of its common stock 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.
Raymond James & Associates, Inc. and Ladenburg Thalmann will
act as book-running managers for the offering.
Leap intends to use the net proceeds from the offering for
general corporate purposes, which may include, without limitation,
funding new clinical trials of DKN-01 and TRX518 and the
continuation of ongoing studies, capital expenditures, working
capital and general and administrative expenses.
The shares 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: 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; or from Ladenburg Thalmann, 277 Park
Avenue, 26th Floor, New York, NY 10172, or by email at
prospectus@ladenburg.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
cancer, biliary tract cancer, and gynecologic cancers, with an
emerging focus on patients with defined mutations of the Wnt
pathway and in combinations with immune checkpoint inhibitors.
Leap’s second clinical candidate, TRX518, is a novel, humanized
GITR agonist monoclonal antibody designed to enhance the immune
system’s anti-tumor response that is in two advanced solid tumor
studies.
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, TRX518, and other programs,
including the initiation, timing and design of future studies,
enrollment in future studies, business development, and other
future expectations, plans and prospects. Leap has attempted to
identify forward looking statements by such terminology as
‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’
‘‘plans,’’ ‘‘projects,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’
‘‘might,’’ ‘‘will,’’ ‘‘should,’’ or other words that convey
uncertainty of future events or outcomes to identify these
forward-looking statements. 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 both 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: the accuracy of our estimates regarding expenses,
future revenues, capital requirements and needs for financing; the
ability to complete a financing or form business development
relationships to fund our expenses; 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; our plans to research,
develop, and commercialize our drug product candidates; our ability
to achieve market acceptance of our drug product candidates;
unanticipated costs or delays in research, development, and
commercialization efforts; the applicability of clinical study
results to actual outcomes; 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 Securities and Exchange Commission (the "SEC"),
including Leap Therapeutics’ Form 10-K that Leap filed with the SEC
on February 23, 2018. These statements are only predictions and
involve known and unknown risks, uncertainties, and other factors.
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. OnsiChief Financial OfficerLeap Therapeutics,
Inc.donsi@leaptx.com617-714-0360
Argot PartnersInvestor RelationsSusan Kim or Heather
Savelle212-600-1902susan@argotpartners.comheather@argotpartners.com
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