CAMBRIDGE, Mass., Feb. 1, 2019 /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
6,571,428 shares of its common stock and warrants to purchase up to
6,571,428 shares of its common stock. Each share of common stock is
being sold together with a warrant to purchase one share of common
stock for a combined offering price of $1.75 per share and accompanying warrant. The
warrants will be exercisable commencing on the date of issuance,
will expire seven years from the date of issuance, and have an
exercise price of $1.95 per share,
subject to certain adjustments. The gross proceeds to Leap from
this offering are expected to be approximately $11.5 million, before deducting underwriting
discounts and commissions and other estimated offering expenses
payable by Leap and excluding the proceeds from the exercise of any
warrants. All shares of common stock and warrants to purchase
common stock to be sold in the offering are being sold by Leap. The
shares of common stock and warrants are being purchased together
but will be issued separately and will be immediately separable
upon issuance. In addition, Leap has granted to the underwriters a
30-day option to purchase up to an aggregate of an additional
985,714 shares of its common stock offered in the public offering
and/or warrants to purchase up to 985,714 shares of its common
stock at the public offering price, less underwriting discounts and
commissions. The offering is expected to close on February 5, 2019, 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 are being 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, 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 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 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 May 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.