Leap therapeutics4/1/2023 Leap plans to hold a special meeting of stockholders to approve the conversion of the Series X non-voting convertible preferred stock into shares of common stock and related matters. In addition, Leap will pay the Flame shareholders 80% of the after-tax net proceeds, if any, from certain post-merger transactions to out-license or sell FL-101 or FL-103, Flame's anti-IL-1b antibodies. Rowe Price Associates, Inc., Janus Henderson Investors, Samsara BioCapital, Adage Capital Management LP, Cormorant Asset Management LP, Surveyor Capital (a Citadel company), Terra Magnum Capital Partners, Logos Capital, and Acuta Capital Partners. Flame's institutional shareholders include Rock Springs Capital, funds and accounts advised by T. Upon approval by the stockholders of Leap, each share of the Series X non-voting convertible preferred stock will be automatically converted into 1,000 shares of common stock. In the merger, Leap will issue approximately 19,794,373 shares of its common stock and approximately 136,833 shares of a newly designated Series X non-voting convertible preferred stock to Flame stockholders. "We share Leap's commitment to developing novel, biomarker-targeted therapies in cancers where there is a significant unmet need and look forward to joining them to bring DKN-01 and FL-301 to patients around the world," said Christian Richard, Head of Public Research of Samsara BioCapital. It was clear that the Leap development team, with its expertise in developing DKN-01, was the ideal partner for FL-301, our preclinical assets, and the Flame shareholders," said Patricia Martin, the Co-Chief Executive Officer of Flame. "Flame conducted an extensive strategic process. With the combined company resources, Leap will focus on executing on the randomized controlled trial for DKN-01 in combination with BeiGene's tislelizumab and chemotherapy in first-line gastric cancer patients, the new study of DKN-01 in colorectal cancer patients, and the investigator-sponsored trial of DKN-01 in combination with Merck's pembrolizumab in endometrial cancer patients." "The additional pipeline strength is further enhanced by additional financial strength. We believe that DKK1 and Claudin18.2 will become important patient selection biomarkers in gastric cancer, alongside HER-2 and PD-L1 expression, with the potential for delivering personalized medicines to patients who currently have poor survival outcomes," said Douglas E. Acquiring FL-301 is a perfect fit with our vision of developing novel biomarker-targeted therapies for cancer patients, that is represented by our DKN-01 program. "This is a transformative transaction for Leap. The total cash balance of the combined company as of Decemwas approximately $115 million, expected to be sufficient to fund Leap's planned operating expenses and development plans for DKN-01, FL-301, and the preclinical programs to mid-2025. The combined company will continue to trade on Nasdaq under the ticker symbol "LPTX," will be led by Leap's existing management team, and will also remain focused on advancing DKN-01, Leap's anti- DKK1 monoclonal antibody, in Phase 2 clinical trials in gastric cancer, endometrial cancer, and colorectal cancer patients.
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