Leap Therapeutics Inc. (NASDAQ: LPTX) stock gained by 5.31% at last close while the LPTX stock-price soars by 7% in the after-hour trading session despite no current development being made in the company. Leap Therapeutics is a firm that focuses on targeted and immuno-oncology medicines. DKN-01 is a humanised monoclonal antibody that targets the Dickkopf-1 (DKK1) protein and is Leap’s best and excellent clinical candidate. DKN-01 is being tested in esophagogastric, hepatobiliary, gynecologic, and prostate cancer patients.
LPTX stock’ Recent Development
Leap Therapeutics has set a public offering price of $2.85 per share for an underwritten public offering of its common stock and of pre-funded warrants to buy shares of the company’s common stock at a public offering price of $2.849 per pre-funded warrant, which is the public offering price for the common stock less the $0.001 per share exercise price for each pre-funded warrant. Before subtracting underwriting discounts and fees, as well as any projected offering costs payable by Leap, the overall revenues from this offering are anticipated to be around $90 million.
Leap will provide all of the common stock and pre-funded warrants for sale in the offer. Leap has also given the underwriters a 30-day opportunity to buy up to an additional 4,740,000 shares of its common stock at the public offering price per share, fewer underwriting discounts and fees. Subject to the fulfilment of normal closing conditions, the offering is scheduled to conclude on or about September 24, 2021. The offering’s book-running managers are Piper Sandler & Co., Raymond James, Associates, Inc., as well as Mizuho Securities USA LLC. However, the main manager for the offering is Robert W. Baird & Co. Incorporated.
Furthermore,
The company is planning to use the net proceeds from the offering to fund:
- The continuing development of DKN-01.
- The development of clinical trial materials.
- Corporate reasons, such as working capital and other general and administrative costs.
