CAMBRIDGE, Mass., March 23, 2018 (GLOBE NEWSWIRE) — 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 [email protected]; or from Ladenburg Thalmann, 277 Park Ave, 26th Floor, New York, NY 10172, or by email at [email protected].