Leap Therapeutics rises after co to cut 75% staff, cancer drug succeeds in mid-stage trial

Cypherpunk Technologies

23/06/2025 12:38

** Shares of drug developer Leap Therapeutics LPTX.O rise 30.9% to 46 cents premarket

** Co says it is cutting its workforce by 75% to reduce spending and preserve capital

** LPTX is also exploring potential sale or partnership opportunities for sirexatamab and FL-501, its experimental drug candidates

** LPTX says its experimental drug sirexatamab showed an improvement in treatment response and progression-free survival across all second-line colorectal cancer patients who have received one prior therapy in a mid-stage trial

** The company's cash and cash equivalents totaled $32.7 million as of March 31, 2025.

** As of last close, LPTX stock down 86.9% YTD

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))