Lixte Biotechnology Holdings, Inc. Announces Completion of Private Placement
18 Dicembre 2007 - 8:47PM
PR Newswire (US)
EAST SETAUKET, N.Y., Dec. 18 /PRNewswire-FirstCall/ -- Lixte
Biotechnology Holdings, Inc. (OTC:LIXT) (BULLETIN BOARD: LIXT) a
developer of improved methods for both detection and treatment of
cancer, announced the closing of a private placement. In the
placement, Lixte sold 1,000,000 shares of its Common Stock at a
price of $0.65 per share resulting in gross proceeds of $650,000.
WestPark Capital, Inc. acted as placement agent and received
$65,000 in commissions and $26,000 representing a non-accountable
expense fee. Lixte also issued to WestPark five year warrants to
purchase up to 100,000 shares of the Company's Common Stock and
five year incentive warrants to purchase up to an additional 20,000
shares, all such warrants to be exercisable at $0.65 per share.
Lixte agreed to file a registration statement with the SEC covering
resale of the shares upon written request from holders who
represent at least 50% of the shares. Lixte also granted to the
holders piggyback registration rights. John Kovach, Lixte's
President, stated that Lixte intends to use the net proceeds to
pursue development of proprietary compounds for the submission of
an IND to the Food & Drug Administration for a Phase I clinical
trial, and for working capital. The offer and sale of the shares
sold were not registered under the Securities Act of 1933, as
amended in reliance upon the exemption from registration contained
in Section 4(2) of the Securities Act and Regulation D promulgated
thereunder. The shares sold by Lixte may not be reoffered or sold
in the United States by the holders in the absence of an effective
registration statement, or exemption from the registration
requirements, under the Securities Act. About Lixte Lixte is a
cancer therapeutics and diagnostics company. Founded as a
biomarker-diagnostics company in 2005, the Company develops new
chemotherapy drugs targeting molecular abnormalities of common
human cancers. Over the past year, based on the discovery of a new
biomarker for brain cancers by collaborators at NIH, the Company is
developing new drugs for the treatment of glioblastoma multiforme
(GMB), the most common and most aggressive type of primary brain
cancer in adults and, to a much lesser extent, in children. About
Westpark Capital, Inc. WestPark is a leading full-service
investment bank dedicated to providing innovative, professional
financial services to emerging growth companies headquartered in
Los Angeles, California. WestPark provides a wide range of services
for both private and public companies, as well as to individuals
and institutional investors worldwide. WestPark is a leading
financial advisor for emerging growth companies. WestPark offers
its clients a comprehensive range of services including WRASPs,
initial public offerings, reverse mergers, follow-on offerings and
private placements, and financial advisory services.
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 condensed
consolidated financial statements and notes thereto included in
Item 1 of the Quarterly Report on Form 10-QSB for the quarter
ending September 30, 2007. For additional information, please see
our Website: http://www.lixte.com/. DATASOURCE: Lixte Biotechnology
Holdings, Inc. CONTACT: John Kovach, +1-631-880-2907, of Lixte
Biotechnology Holdings, Inc. Web site: http://www.lixte.com/
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