Leap Therapeutics Announces $18 Million Private Placement Offering

11/15/17

CAMBRIDGE, Mass., Nov. 15, 2017 (GLOBE NEWSWIRE) -- Leap Therapeutics, Inc. (Nasdaq:LPTX), a biotechnology company developing targeted and immuno-oncology therapeutics, today announced it has entered into a purchase agreement to issue and sell shares of its common stock and warrants to purchase shares of its common stock at a price of $6.085 per unit in a private placement with a select group of institutional investors and strategic partners, including HealthCare Ventures and Eli Lilly and Company, for total gross proceeds of $18.0 million.

Upon closing of the transaction, Leap will sell 2,958,094 shares of unregistered common stock. Each share of common stock will be issued with a warrant to purchase one share of Leap common stock at an exercise price of $6.085 per share, with an exercise period of seven years after the closing. The consolidated closing bid price for the common stock on the Nasdaq Capital Market on the day of pricing, November 14, 2017 was $5.96. The company expects to hold a special meeting of stockholders to approve provisions related to the warrants. In connection with such approval, Leap entered into a voting agreement with entities affiliated with HealthCare Ventures to vote all of their beneficially owned shares in favor of any approval proposed at the special meeting of stockholders.

Raymond James was the lead placement agent, and Ladenburg Thalmann acted as co-placement agent for the transaction.

The securities being sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements. Leap Therapeutics has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issued in the private placement, as well as the shares of common stock issuable upon exercise of the warrants issued in the private placement.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.

About Leap Therapeutics

Leap Therapeutics (Nasdaq:LPTX) is 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 and biliary tract cancer, 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 monotherapy 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 http://www.investors.leaptx.com/.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.