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FAQ: Lixte Biotechnology's $4.3 Million Registered Direct Offering and Company Overview
TL;DR
Lixte Biotechnology's $4.3 million offering provides capital to advance LB-100, potentially giving investors early access to a novel cancer therapy with competitive market advantages.
Lixte Biotechnology raised $4.3 million through a registered direct offering of Common Units at $4.09 each, with proceeds allocated for general corporate purposes and working capital.
Lixte Biotechnology's funding supports clinical trials for LB-100, a cancer therapy that could improve patient outcomes and advance treatment options for ovarian and colon cancers.
Lixte Biotechnology is pioneering activation lethality, a new cancer treatment approach with LB-100 showing potential to enhance existing therapies and improve cancer patient survival.
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Lixte Biotechnology Holdings announced a $4.3 million registered direct offering with accredited investors for the purchase and sale of Common Stock and pre-funded and investor warrants priced at $4.09 per Common Unit.
The company raised approximately $4.3 million in gross proceeds, with net proceeds allocated for general corporate purposes and working capital.
The offering was priced at $4.09 per Common Unit, which was priced at the market under Nasdaq rules.
The offering comprised 1,051,342 Common Units or Pre-Funded Units, each consisting of one share of Common Stock or one Pre-Funded Warrant and one Common Warrant exercisable at $3.96 per share.
The Common Warrants are exercisable immediately and expire 60 months from issuance.
Spartan Capital Securities LLC served as exclusive placement agent, with Sichenzia Ross Ference Carmel LLP acting as counsel to Lixte and Kaufman & Canoles PC serving as counsel to the placement agent.
Lixte is a clinical-stage pharmaceutical company focused on new targets for cancer drug development and developing and commercializing cancer therapies.
Lixte's lead compound is LB-100, a first-in-class PP2A inhibitor that has been well-tolerated in cancer patients at doses associated with anti-cancer activity and has the potential to significantly enhance chemotherapies and immunotherapies.
Proof-of-concept clinical trials are currently in progress for Ovarian Clear Cell Carcinoma and Metastatic Colon Cancer.
Additional information about LIXTE can be found at https://lixte.com/ and the full press release is available at https://ibn.fm/KUm6p.
Curated from InvestorBrandNetwork (IBN)
