Lixte Biotechnology Holdings, Inc. has entered into definitive agreements for a registered direct offering with accredited investors, raising approximately $4.3 million through the sale of Common Stock and pre-funded and investor warrants. The offering was priced at $4.09 per Common Unit, which aligns with market pricing under Nasdaq rules, and consisted of 1,051,342 Common Units or Pre-Funded Units. Each unit includes one share of Common Stock or one Pre-Funded Warrant along with one Common Warrant exercisable at $3.96 per share, with these Common Warrants becoming exercisable immediately and remaining valid for 60 months from issuance.
The gross proceeds from this offering total approximately $4.3 million, with net proceeds designated for general corporate purposes and working capital. This financial injection comes at a critical time for the clinical-stage pharmaceutical company, which is focused on developing new targets for cancer drug development and advancing novel cancer therapies. Spartan Capital Securities LLC served as the exclusive placement agent for the transaction, while Sichenzia Ross Ference Carmel LLP acted as counsel to the company, and Kaufman & Canoles PC served as counsel to the placement agent.
LIXTE's research centers on its first-in-class lead clinical PP2A inhibitor, LB-100, which has demonstrated tolerability in cancer patients at doses associated with anti-cancer activity. According to extensive published preclinical data available through the company's website at https://lixte.com/, LB-100 shows potential to significantly enhance both chemotherapies and immunotherapies, potentially improving outcomes for cancer patients. This compound represents a pioneering effort in an entirely new field of cancer biology known as activation lethality, which is advancing a new treatment paradigm covered by a comprehensive patent portfolio.
Proof-of-concept clinical trials are currently underway for Ovarian Clear Cell Carcinoma and Metastatic Colon Cancer, positioning LIXTE at the forefront of innovative cancer treatment research. The funding from this offering provides essential resources to continue these clinical trials and advance the company's research pipeline. For investors and industry observers, this capital raise signals confidence in LIXTE's scientific approach and provides the financial stability needed to pursue potentially transformative cancer treatments.
The broader implications of this funding extend beyond the company itself to the oncology field and cancer patients worldwide. As LIXTE advances its activation lethality approach, success in clinical trials could lead to new treatment options for cancers that currently have limited therapeutic alternatives. The company's work represents the type of innovative research that drives progress in cancer treatment, and adequate funding is essential for such pioneering efforts to reach patients who need them most.
