Lixte Biotechnology Holdings, Inc. has completed a registered direct offering raising approximately $4.3 million, with proceeds designated for general corporate purposes and working capital to support the company's cancer drug development programs. The offering involved the sale of Common Units or Pre-Funded Units to accredited investors at a price of $4.09 per unit, priced at the market under Nasdaq rules. Each unit consisted of one share of Common Stock or one Pre-Funded Warrant along with one Common Warrant exercisable at $3.96 per share, with the Common Warrants immediately exercisable and expiring 60 months from issuance.
The financial transaction provides Lixte with essential resources to advance its clinical-stage pharmaceutical programs focused on novel cancer therapies. The company's lead compound, LB-100, represents a first-in-class PP2A inhibitor that has demonstrated tolerability in cancer patients at doses associated with anti-cancer activity. According to extensive preclinical data available through the company's website at https://lixte.com, LB-100 has shown potential to significantly enhance both chemotherapies and immunotherapies, potentially improving outcomes for cancer patients.
Lixte's approach represents a pioneering effort in an emerging field of cancer biology known as activation lethality, which advances a new treatment paradigm in oncology. The company's innovative methodology is protected by a comprehensive patent portfolio, providing intellectual property protection for its novel therapeutic strategies. Current proof-of-concept clinical trials are underway for specific cancer types including Ovarian Clear Cell Carcinoma and Metastatic Colon Cancer, testing the efficacy of the company's approach in real-world clinical settings.
The offering was facilitated by Spartan Capital Securities LLC, which served as exclusive placement agent for the transaction. Legal representation included Sichenzia Ross Ference Carmel LLP acting as counsel to Lixte Biotechnology Holdings, while Kaufman & Canoles PC provided legal services to the placement agent. The successful completion of this financing round enables continued progress in Lixte's research and development pipeline, supporting the advancement of potentially transformative cancer treatments that could address significant unmet medical needs in oncology.
