CAMBRIDGE, Mass., Jan. 31, 2019 /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 warrants to purchase common stock. All shares
of common stock and 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
shares of its common stock and/or warrants to purchase 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 securities described above are being
offered by the Company 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, hepatobiliary, gynecologic, and
prostate cancers. Leap's second clinical candidate, TRX518, is a
humanized GITR agonist monoclonal antibody designed to enhance the
immune system's anti-tumor response that is in advanced solid tumor
studies. 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://www.leaptx.com/investors.
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 SEC, including Leap Therapeutics' Annual Report on
Form 10-K for the fiscal year ended December
31, 2017 that Leap filed with the SEC on February 23, 2018, and Leap Therapeutics'
Quarterly Reports on Form 10-Q for each of the quarters ended
March 31, 2018, June 30, 2018 and September 30, 2018 that Leap filed with the SEC
on each of April 11, 2018,
August 8, 2018 and November 9, 2018, respectively. 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. Onsi
Chief Financial Officer
Leap Therapeutics,
Inc.
donsi@leaptx.com
617-714-0360
Argot Partners
Investor
Relations
Heather
Savelle
212-600-1902
heather@argotpartners.com
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SOURCE Leap Therapeutics, Inc.