Leap Therapeutics Announces Pricing of $14 Million Public Offering of Common Stock
March 23 2018 - 9:00AM
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
1,866,667 shares of its common stock at a public offering price of
$7.50 per share. The gross proceeds to Leap from this offering are
expected to be approximately $14.0 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses payable by Leap. All shares of common stock to be
sold in the offering are being sold by Leap. In addition,
Leap has granted to the underwriters a 30-day option to purchase up
to an aggregate of an additional 280,000 shares of its common stock
offered in the public offering at the public offering price, less
underwriting discounts and commissions. The offering is expected to
close on or about March 27, 2018, subject to satisfaction of
customary closing conditions.
Raymond James & Associates, Inc. and Ladenburg Thalmann are
acting 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 offered 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 have been filed with the SEC and a final
prospectus supplement and the accompanying prospectus relating to
the offering will be filed with the SEC. The preliminary
prospectus supplement and accompanying prospectus is also
available, and the final prospectus supplement and accompanying
prospectus 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: 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 Ave, 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 regarding Leap’s
ability to complete the offering, 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 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
Leap Therapeutics (NASDAQ:LPTX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Leap Therapeutics (NASDAQ:LPTX)
Historical Stock Chart
From Jul 2023 to Jul 2024