Spartan Capital Completes $5M Placement for Lixte Biotechnology
Spartan Capital Securities Leads Successful Placement for Lixte
Spartan Capital Securities, LLC, a notable name in investment banking, has successfully facilitated a $5 million private placement for Lixte Biotechnology Holdings, Inc. The company played a crucial role as the exclusive placement agent, solidifying its reputation in the healthcare investment sector.
Details of the Private Placement
This private placement included a combination of Common Stock, Pre-Funded Warrants, Series B Convertible Preferred Stock, and Common Warrants targeted at accredited investors. With an impressive closing date, the transaction underscores Spartan Capital's expertise and commitment to fostering innovation in the pharmaceutical landscape.
Allocation of Proceeds
Lixte Biotechnology received approximately $5 million in gross proceeds, facilitating immediate capital inflow of $4 million with an additional $1 million expected upon the implementation of a resale registration statement. The funds are designated for corporate operations and essential working capital, paving the way for further advancements in their cancer drug development initiatives.
Spartan Capital's Commitment
John Lowry, the CEO of Spartan Capital Securities, expressed pride in supporting Lixte’s innovative approaches in oncology. He emphasized the importance of advancing cancer therapy and the studio's dedication to enhancing healthcare outcomes. Spartan’s backing exemplifies their belief in Lixte's groundbreaking research and commitment to improving cancer treatment options.
Legal Representation
Throughout this transaction, Lixte was represented by the law firm TroyGould PC, while Spartan Capital enlisted the services of Kaufman & Canoles, P.C., ensuring compliance and adherence to regulatory standards.
About Spartan Capital Securities, LLC
Spartan Capital Securities, LLC stands out as a full-service investment bank. It offers a diverse array of advisory services, focusing on investment strategies tailored for institutional clients and high-net-worth individuals. Expertise in capital raising, strategic advice, and asset management characterizes Spartan's approach to achieving client goals.
About Lixte Biotechnology Holdings, Inc.
Lixte Biotechnology Holdings, Inc. is at the forefront of clinical-stage pharmaceutical development. The company specializes in discovering innovative cancer therapies through novel biological pathways. Their leading compound, LB-100, is a first-in-class PP2A inhibitor aimed at enhancing the efficacy of chemotherapy and immunotherapy, currently undergoing clinical trials for several cancer types.
Frequently Asked Questions
What was the total amount raised in the private placement?
The total amount raised was $5 million.
What will the proceeds be utilized for?
The proceeds will be used for corporate purposes and working capital.
Who represented Spartan Capital Securities in this transaction?
Kaufman & Canoles, P.C. represented Spartan Capital Securities.
What is Lixte Biotechnology's focus?
They are focused on developing cancer therapies based on new biological pathways.
What is Spartan Capital Securities known for?
They are known for providing a wide range of investment banking and advisory services.
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