Full Press Release Details
Leap Therapeutics Announces Pricing of $90 million
of Common Stock and Pre-Funded Warrants
Cambridge, MA - September 22,
2021 - 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 its common stock at a public offering price of $2.85 per share and of
pre-funded warrants to purchase shares of its common stock at a public offering price of $2.849 per pre-funded warrant, which represents
the per share public offering price for the common stock less the $0.001 per share exercise price for each pre-funded warrant. The gross
proceeds to Leap from this offering are expected to be approximately $90 million, before deducting underwriting discounts and commissions
and other estimated offering expenses payable by Leap. All shares of common stock and pre-funded warrants to be sold in the offering will
be offered by Leap. In addition, Leap has granted the underwriters a 30-day option to purchase up to an aggregate of an additional 4,740,000
shares of its common stock at the public offering price per share, less underwriting discounts and commissions. The offering is expected
to close on or about September 24, 2021, subject to satisfaction of customary closing conditions.
Piper Sandler & Co., Raymond James
& Associates, Inc. and Mizuho Securities USA LLC are acting as book-running managers for the offering. Robert W. Baird & Co. Incorporated
is acting as lead manager for the offering.
Leap intends to use the net proceeds
from the offering to fund: (i) the continued development of DKN-01; (ii) manufacturing of clinical trial material; and (iii) general corporate
purposes, including working capital and other general and administrative expenses.
The securities will be offered and
sold pursuant to an effective shelf registration statement on Form S-3 (File No. 333-248797) that was previously filed by Leap with the
Securities and Exchange Commission (the "SEC") on September 14, 2020 and was declared effective by the SEC on October 16,
2020. A preliminary prospectus supplement and the related prospectus has been filed with the SEC and 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 Piper Sandler & Co., 800 Nicollet Mall, J12S03,
Minneapolis, MN, 55402, Attention: Prospectus Department, by telephone at (800) 747-3924 or by email at prospectus@psc.com.
These documents may also 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
Mizuho Securities USA LLC, Attention: Equity Capital Markets, 1271 Avenue of the Americas, 3rd Floor, New York, NY, 10020; by phone at
(212) 205-7600; or by email at US-ECM@mizuhogroup.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. DKN-01 is in clinical trials in patients with esophagogastric, hepatobiliary, gynecologic, and
prostate cancers. Leap has formed a partnership with BeiGene, Ltd. for the rights to develop DKN-01 in Asia (excluding Japan), Australia,
and New Zealand. 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 https://investors.leaptx.com/.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended,
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, including the
initiation, timing and design of future studies, enrollment in future studies, potential for the receipt of future option exercise, milestone,
or royalty payments from BeiGene, and other future expectations, plans and prospects. 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 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: that the initiation, conduct, and completion of clinical trials, laboratory operations, manufacturing
campaigns, and other studies may be delayed, adversely affected, or impacted by COVID-19 related issues; the accuracy of our estimates
regarding expenses, future revenues, capital requirements and needs for financing; 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; 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 are included or will be included in Leap Therapeutics' periodic filings with the SEC, including Leap's Annual Report on Form
10-K for the fiscal year ended December 31, 2020, as filed with the SEC on March 12, 2021 and as may be updated by Leap's Quarterly
Reports on Form 10-Q and the other reports we file from time to time with the SEC. Any forward-looking statement contained in this release
speaks only as of its date. We undertake no obligation to update any forward-looking statement contained in this release to reflect events
or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
President & Chief Executive Officer
Leap Therapeutics, Inc.