Leap Therapeutics (LPTX) shares surged 25% after announcing a $58.9 million private investment led by Winklevoss Capital to kickstart a crypto treasury strategy.
The private placement includes common shares and warrants priced at $0.61439 per unit. As part of the deal, Winklevoss Capital, founded by Cameron and Tyler Winklevoss, will gain two seats on Leap’s board.
The cancer drug developer, known for its immuno-oncology therapies, said part of the proceeds will be used to acquire cryptocurrency for its balance sheet, while the remaining funds will support clinical development of its drug candidates. Specific digital assets to be purchased were not disclosed.
Leap joins a growing number of public companies holding crypto as a treasury reserve. The company said it will provide further details on its digital asset strategy in the near future.
Shares were up 25% in Monday morning trading.
