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Leap Therapeutics starts common stock offering

Leap Therapeutics Inc. initiated an underwritten public offering of its common stock.

The company plans to grant the underwriters an option to buy up to an additional 15% of the shares in the offering.

Leap plans to use the net proceeds for general corporate purposes, which may include funding new clinical trials of DKN-01 and TRX518 and the continuation of ongoing studies, capital expenditures, working capital and general and administrative expenses.

DKN-01 is under development to treat patients with esophagogastric cancer, biliary tract cancer, and gynecologic cancers. TRX518 is an antibody designed to enhance the immune system's anti-tumor response that is in two advanced solid tumor studies.

Raymond James & Associates Inc. and Ladenburg Thalmann will act as book-running managers for the offering.