Leap Therapeutics, Inc. (LPTX), a company focused on targeted and immuno-oncology therapeutics, announced on Thursday that it has inked a deal with private investors to sell 12,660,993 shares at $2.82 per share and pre-funded warrants to purchase 1,523,404 shares at a $2.819 per share.
The gross proceeds from the private placement, to be closed on April 15, are expected to be at around $40 million.
The company intends to use the net proceeds from the financing to fund the continued development of its lead monoclonal antibody program, DKN-01, by expanding the randomized controlled Part B of the DeFianCe Study in patients with second-line colorectal cancer from 130 to 180 patients.
Leap also aims to use the net proceeds for working capital and general corporate purposes.
The private placement investors included new and existing investors, such as Gilead Sciences, Inc., Samsara BioCapital, 683 Capital Partners, LP, and others.
J.P. Morgan acted as the exclusive placement agent for the transaction.
LPTX was trading up by 14.802 percent at $3.490 in the pre-market trade on the Nasdaq.
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