Leap Therapeutics Secures Funding to Drive Digital Asset Strategy
Leap Therapeutics Successfully Closes Private Placement
Leap Therapeutics (NASDAQ: LPTX), a pioneering biotechnology company, has successfully closed a major financing round, raising $58.88 million in cash. This strategic investment was led by Winklevoss Capital, enabling the company to initiate a digital asset treasury strategy. This innovative approach aligns with Leap's goal of enhancing shareholder value while accelerating its therapeutic development efforts.
Investment Details and Future Strategy
During this financial endeavor, Leap issued 15,212,311 shares of common stock along with pre-funded warrants and additional warrants for an aggregate of 71,985,605 shares at an exercise price of $0.5335 per share. Such substantial backing from Winklevoss Capital is expected to not only provide essential capital but also offer strategic advice as Leap develops its digital asset treasury.
Expanding Board Leadership
As part of the investment agreement, Leap Therapeutics is also expanding its Board of Directors to include 12 members, with Winklevoss Capital securing the right to nominate two board members. This strategic move aims to bolster governance and support the company's ambitious growth plans.
Research and Development Initiatives
A portion of the funds raised will be allocated to advancing Leap's therapeutic programs, including promising candidates like FL-501 and sirexatamab. The latter has recently undergone a randomized controlled Phase 2 trial for colorectal cancer, with insights into the study expected to be shared soon, particularly during the European Society for Medical Oncology (ESMO) Congress.
Legal and Regulatory Framework
The private placement was executed in compliance with relevant securities laws, ensuring that all necessary regulatory requirements were met. Leap Therapeutics has arranged to file a registration statement with the Securities and Exchange Commission to facilitate the resale of its shares by the purchasers involved in this offering.
About Leap Therapeutics
Leap Therapeutics focuses on developing targeted and immuno-oncology therapeutics, with a robust pipeline that includes innovative treatments aimed at addressing significant medical needs. Leap is uniquely positioning itself at the intersection of biotechnology and digital finance, actively exploring a digital asset treasury strategy following its latest funding round.
About Winklevoss Capital
Winklevoss Capital is a forward-thinking investment firm established by Cameron and Tyler Winklevoss, known for its commitment to backing emerging technologies and ventures that hold transformative potential in various industries.
Frequently Asked Questions
What is the purpose of Leap Therapeutics' recent funding?
The funding aims to initiate a digital asset treasury strategy while continuing the development of targeted therapies.
Who led the investment round for Leap Therapeutics?
The investment round was led by Winklevoss Capital, providing both capital and strategic support.
What are the main therapeutic programs Leap is developing?
Leap is focusing on FL-501 and sirexatamab, with progress in treatment for colorectal cancer.
How is Leap expanding its governance after the funding?
Leap is increasing its Board of Directors to 12 members to include nominees from Winklevoss Capital.
What regulatory measures are in place for this funding?
The placement was conducted in accordance with securities laws, and Leap will file a registration statement with the SEC for the resale of shares.
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