CAMBRIDGE, Mass., March 22, 2018 (GLOBE NEWSWIRE) -- 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. All shares of common stock 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 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 shares will be issued 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 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 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 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. Onsi
Chief Financial Officer
Leap Therapeutics, Inc.
donsi@leaptx.com
617-714-0360
Argot Partners
Investor Relations
Susan Kim or Heather Savelle
212-600-1902
susan@argotpartners.com
heather@argotpartners.com