Lixte Biotechnology Secures $1.5 Million in New Financing
Lixte Biotechnology Achieves Significant Financing Milestone
Lixte Biotechnology Holdings, Inc. (NASDAQ: LIXT), a company dedicated to innovative cancer therapies, has recently concluded a registered direct offering, successfully raising approximately $1.5 million from accredited investors. This promising development is pivotal for furthering their mission in the pharmaceutical arena.
Details of the Direct Offering
This direct offering involved the sale of about 974,026 shares of Common Stock, or Pre-Funded Warrants for interested investors. Each share of Common Stock was priced at $1.54, with the Pre-Funded Warrants priced at $1.53999, considering a nominal exercise price. Such financial mechanisms provide flexibility for investors while simultaneously supporting Lixte's funding goals.
Use of Proceeds
The gross proceeds from this transaction, estimated at $1.5 million, will be strategically utilized for general corporate needs, bolstering working capital, and advancing research and development. As Lixte continues to push boundaries in cancer treatment, these funds will play an instrumental role in catalyzing progress.
Expertise Behind the Offering
Spartan Capital Securities, LLC acted as the exclusive placement agent for this offering, ensuring that the transaction adhered to regulatory guidelines and investor expectations. Meanwhile, legal counsel for the Company was provided by TroyGould PC, with Kaufman & Canoles, P.C. serving Spartan Capital.
Regulatory Compliance
This registered offering was facilitated under an effective shelf registration statement on Form S-3, which was previously filed with and approved by the U.S. Securities and Exchange Commission (SEC). This approach ensures transparency and regulatory compliance, making it easier for potential investors to understand the terms of this significant offering.
About Lixte Biotechnology
Lixte Biotechnology is at the forefront of cancer drug innovation, concentrating efforts on discovering and developing therapies targeting previously unexplored areas of cancer treatment. Their lead clinical candidate, LB-100, represents a groundbreaking development in cancer treatment paradigms. Notably, LB-100 has shown to be well-tolerated and effective in early-stage clinical trials, paving the way for enhanced chemotherapy and immunotherapy outcomes.
Advances in Cancer Treatment
Currently, clinical trials for LB-100 are actively in progress, exploring its efficacy in a range of cancers including Ovarian Clear Cell Carcinoma and Advanced Soft Tissue Sarcoma. As Lixte Biotechnology pursues its goal of revolutionizing cancer care, the significance of their ongoing work cannot be overstated. Their focus on activating lethality represents a new frontier in cancer biology, underpinned by a robust patent portfolio.
Contact Information
For more information about Lixte Biotechnology Holdings, Inc., interested parties can reach out at info@lixte.com. General inquiries can be directed via phone at (631) 830-7092, while investors can call (888) 289-5533. For investor relations, PondelWilkinson Inc. can be contacted at pwinvestor@pondel.com.
Frequently Asked Questions
What is the total amount raised in the recent offering?
Lixte Biotechnology raised approximately $1.5 million in their recent registered direct offering.
Who acted as the placement agent for this offering?
Spartan Capital Securities, LLC served as the exclusive placement agent for the offering.
What is Lixte's lead compound?
Lixte's lead compound is LB-100, which is being developed for its potential in enhancing cancer treatments.
In which types of cancer are LB-100 trials ongoing?
Clinical trials for LB-100 are currently focusing on Ovarian Clear Cell Carcinoma, Metastatic Colon Cancer, and Advanced Soft Tissue Sarcoma.
How can investors reach Lixte for more information?
Investors can contact Lixte at (888) 289-5533 or via email at pwinvestor@pondel.com.
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