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Leap Therapeutics prices $14M common stock offering

Leap Therapeutics, Inc. priced an underwritten public offering of 1,866,667 shares at $7.50 apiece to raise about $14 million in gross proceeds.

Raymond James & Associates Inc. and Ladenburg Thalmann are acting as book-running managers for the offering which is expected to close by March 27.

The Cambridge, Mass.-based biopharmaceutical company granted underwriters an option to buy up to an additional 280,000 shares.

The company plans to use the net proceeds for general corporate purposes, which may include funding new clinical trials of DKN-01 and TRX518.

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.