LIXTE Biotechnology Announces $5.8 Million Registered Direct Offering Priced At-The-Market
12 Aprile 2022 - 7:52PM
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
entered into definitive agreements for the purchase and sale of
2,900,000 shares of LIXTE’s common stock, at a purchase price
of $2.00 per share, in a registered direct offering. The
closing of the offering is expected to occur on or about April 14,
2022, subject to the satisfaction of customary closing conditions.
WestPark Capital, Inc. and WallachBeth Capital,
LLC are acting as co-placement agents for the offering.
The gross proceeds to LIXTE from this offering
are expected to be approximately $5.8 million before deducting the
placement agents’ fees and other offering expenses payable by
LIXTE. The company intends to use the net proceeds from the
offering for working capital and general expenses including further
development of its lead clinical compound LB-100.
The shares of common stock are being 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. The
offering of the securities will be made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A final prospectus supplement
and accompanying prospectus relating to the securities being
offered will be filed with the SEC. Electronic copies of the
final prospectus supplement and accompanying prospectus may be
obtained, when available, 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 Statements
This 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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