Lixte Biotechnology closes $1.5 million registered direct offering

Lixte Biotechnology Holdings, Inc. (NASDAQ: LIXT) completed a registered direct offering Tuesday, raising approximately $1.5 million from accredited investors through the sale of common stock and pre-funded warrants.

The clinical-stage pharmaceutical company sold 974,026 shares of common stock and pre-funded warrants at $1.54 per share. Pre-funded warrants were priced at $1.53999 each, reflecting the offering price minus an exercise price of $0.00001. The warrants are immediately exercisable and remain valid until fully exercised.

Spartan Capital Securities, LLC served as the exclusive placement agent for the transaction. The company stated it plans to use net proceeds along with existing cash for general corporate purposes and working capital.

The offering was conducted under an effective shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission and declared effective May 2, 2024. TroyGould PC represented Lixte, while Kaufman & Canoles, P.C. served as counsel to the placement agent.

Lixte focuses on developing cancer therapies, with its lead compound LB-100 currently in proof-of-concept clinical trials for ovarian clear cell carcinoma, metastatic colon cancer and advanced soft tissue sarcoma. The company describes LB-100 as a first-in-class PP2A inhibitor that has shown tolerability in cancer patients at doses associated with anti-cancer activity.

The information was disclosed in a company press release.

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