CAMBRIDGE, Mass., Jan. 23, 2017 (GLOBE NEWSWIRE) -- Leap Therapeutics, Inc. (Nasdaq:LPTX), a biotechnology company developing targeted and immuno-oncology therapeutics, today announced the completion of its merger with Macrocure Ltd (Nasdaq:MCUR), with Macrocure becoming a wholly-owned subsidiary of Leap. Leap will be listed on The Nasdaq Global Market under the symbol “LPTX” and expects to begin trading on Tuesday, January 24, 2017.
“Leap Therapeutics has achieved a milestone in our growth by becoming a public company,” commented Christopher K. Mirabelli, Ph.D., Chairman and Chief Executive Officer. “We are now well positioned to advance the development of our two clinical-stage monoclonal antibodies. We expect that Leap’s novel assets will create significant value for shareholders as the programs progress.”
Leap Therapeutics is conducting clinical studies with two best-in-class therapeutics.
DKN-01: DKN-01 is a humanized monoclonal antibody that binds to and blocks the action of the Dickkopf-1 (DKK1) protein, a modulator of Wnt/Beta-catenin signaling. DKK1 expression has been associated with poor prognosis in multiple cancers. Recent literature suggests DKK1 has an important role in tumor cell signaling and in mediating an immuno-suppressive tumor microenvironment. DKN-01 is being studied in clinical trials in patients with esophageal, gastric, and biliary tract cancers. DKN-01 has demonstrated single agent activity in non-small cell lung cancer patients.
TRX518: TRX518 is a humanized monoclonal antibody with agonist activity targeting glucocorticord-inducible TNF-superfamily receptor (GITR). TRX518 is engineered to enhance immune responses to cancer. In clinical studies, a single-dose of TRX518 is associated with a reduction in immunosuppressive cells known as T regulatory cells. TRX518 is being studied in two ongoing repeat-dose clinical trials in patients with advanced solid tumor malignancies.
Recent and Upcoming Clinical Data Presentations
- Society for Immunotherapy in Cancer, November 2016, Oral presentation of TRX518 biomarker clinical data.
- American Society for Clinical Oncology Gastrointestinal Symposium, January 2017, Poster presentation of DKN-01 biomarker and clinical data in gastroesophageal cancers.
- Cholangiocarcinoma Foundation Annual Conference, February 2017, Presentation of DKN-01 biomarker and clinical data in biliary tract cancer.
- Christopher K. Mirabelli, Ph.D., Chairman of the Board and Chief Executive Officer
- Augustine Lawlor, Chief Operating Officer
- Douglas E. Onsi, Chief Financial Officer
Dr. Mirabelli, Mr. Lawlor, and Mr. Onsi have worked together for over 20 years and developed dozens of biotechnology companies, public and private, including Adheron Therapeutics (acquired by Roche), Aton Pharmaceuticals (acquired by Merck), FoldRx (acquired by Pfizer), LeukoSite (acquired by Millennium Pharmaceuticals), Proteostasis Therapeutics, and Tensha Therapeutics (acquired by Roche). Notable drug approvals from these companies include Campath, Lemtrada, Entyvio, Velcade, Vyndaqel, and Zolinza.
In connection with the closing of the merger, HealthCare Ventures invested $10 million into Leap Therapeutics at a price of $9.90 per share. Following the merger, Leap will have 9,392,868 shares of common stock outstanding.
FORWARD LOOKING STATEMENTS
Some of the statements in this release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These statements relate to future events of Leap’s development of DKN-01, TRX518, and other programs, future expectations, plans and prospects. Although Leap believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Leap has attempted to identify forward looking statements by terminology including ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘projects,’’ ‘‘intends,’’ ‘‘potential,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘approximately’’ or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward looking statements contained in this release speak only as of its date. We undertake no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. Campath, Lemtrada, Entyvio, Velcade, Vyndaqel, and Zolinza are all trademarks of their manufacturers and not owned by Leap Therapeutics.