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.