LIXTE Biotechnology Announces the Closing of $5.8 Million Registered Direct Offering Priced At-The-Market
April 14 2022 - 6:45PM
LIXTE Biotechnology Holdings, Inc. (Nasdaq: LIXT), a clinical-stage
drug discovery company developing pharmacologically active drugs
for use in cancer treatment, today announced that it has
closed a registered direct offering with certain institutional and
accredited investors for $5.8 million of common stock. The Company
issued a total of 2,900,000 shares of common stock at a purchase
price of $2.00 per share.
WestPark Capital, Inc. and WallachBeth Capital,
LLC acted as co-placement agents for the offering.
The gross proceeds to LIXTE from this offering
were $5.8 million before deducting the placement agents’ fees and
expenses, and other offering expenses payable by LIXTE. The
Company intends to use the net proceeds from the offering for
working capital and general corporate expenses, including further
clinical development of the Company’s lead compound LB-100.
The shares of common stock were offered by LIXTE
pursuant to a "shelf" registration statement on Form S-3 (File No.
333-252430) previously filed with the Securities and Exchange
Commission (the "SEC") on January 26, 2021 and declared effective
by the SEC on February 5, 2021.
A prospectus supplement and accompanying
prospectus relating to the securities offered have been filed with
the SEC. Electronic copies of the prospectus supplement and
accompanying prospectus may be obtained on the SEC's website at
http://www.sec.gov; or from: WestPark Capital, Inc. - Attention:
Jason Stern, 1900 Avenue of the Stars, 3rd Floor, Los Angeles, CA
90077; or by Email: syndicate@wpcapital.com; or by telephone at
(310) 203-2919.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About LIXTE Biotechnology Holdings,
Inc.
LIXTE Biotechnology Holdings, Inc. (Nasdaq:
LIXT), is a clinical-stage pharmaceutical company focused on new
targets for cancer drug development and developing and
commercializing cancer therapies. Major drivers of cancer are
defects in the switches that turn the biochemical pathways in cells
on or off. Most cancer research over the past 30 years has focused
on the “on” switches because the “off” switches, especially the
master “off” switch protein phosphatase (PP2A), were believed to
cause intolerable toxicity in patients. LIXTE has achieved a
breakthrough with its novel, first-in-class lead clinical compound
and PP2A inhibitor, LB-100, demonstrating that LB-100 is readily
tolerated in cancer patients at doses associated with anti-cancer
activity. Based on extensive published preclinical data (see
www.lixte.com), LB-100 has the potential to significantly improve
outcomes for patients undergoing various chemotherapies or
immunotherapies. LIXTE’s new approach has no known competitors and
is covered by a comprehensive patent portfolio. Initial
proof-of-concept clinical trials are in progress.
Forward-Looking StatementsThis
announcement contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, and Section
21E of the Securities Exchange Act of 1934. For example, statements
regarding the Company's financial position, business strategy and
other plans and objectives for future operations, and assumptions
and predictions about future product demand, supply, manufacturing,
costs, marketing and pricing factors are all forward-looking
statements. These statements are generally accompanied by words
such as "intend," anticipate," "believe," "estimate,"
"potential(ly)," "continue," "forecast," "predict," "plan," "may,"
"will," "could," "would," "should," "expect" or the negative of
such terms or other comparable terminology. The Company believes
that the assumptions and expectations reflected in such
forward-looking statements are reasonable, based on information
available to it on the date hereof, but the Company cannot provide
assurances that these assumptions and expectations will prove to
have been correct or that the Company will take any action that the
Company may presently be planning. However, these forward-looking
statements are inherently subject to known and unknown risks and
uncertainties. Actual results or experience may differ materially
from those expected or anticipated in the forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, regulatory policies,
available cash, research results, competition from other similar
businesses, and market and general economic factors. This
discussion should be read in conjunction with the Company's filings
with the United States Securities and Exchange Commission
at http://www.sec.gov/edgar.shtml.
Lixte
Contact:info@lixte.comGeneral Phone: (631)
830-7092Investor Phone: (888) 289-5533
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