Leap Therapeutics Inc (NASDAQ:LPTX) stock surged Monday after the biotechnology company announced it has secured nearly $59 million in cash commitments for a private investment in public equity (PIPE) offering led by Winklevoss Capital.
The investment will help Leap initiate a digital asset treasury strategy, with Winklevoss Capital providing both capital and strategic guidance. The deal involves the purchase of approximately 95.8 million shares of common stock or pre-funded warrants, plus warrants to purchase an additional 71.9 million shares at an exercise price of $0.5335 per share.
As part of the agreement, Leap will expand its Board of Directors to 12 members, with Winklevoss Capital gaining the right to nominate two individuals, including the board chairperson. The company plans to use a portion of the capital to continue development of its therapeutic programs, including FL-501 and sirexatamab.
Sirexatamab recently completed a randomized controlled Phase 2 trial in colorectal cancer patients, with results scheduled for presentation at the European Society for Medical Oncology Congress in Berlin on October 19.
The private placement is expected to close around October 8, subject to customary closing conditions. Parcrest is serving as the placement agent for the transaction, with Morgan, Lewis & Bockius LLP acting as Leap’s legal advisor and Cooley LLP representing Winklevoss Capital.
Leap Therapeutics focuses on developing targeted and immuno-oncology therapeutics and has indicated it will provide additional updates on its treasury activities in the near future.
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