LIXT - Lixte Biotechnology sets terms to issue 1.5M shares in IPO

Lixte Biotechnology Holdings (LIXT) to raise $9M by offering 1.5M shares at a price range of $5.75-$6.75. Underwriters' over-allotment is an additional 225K shares.At an assumed price of $6.25/share, net proceeds to be ~$8.14M (or ~$9.41M if the underwriters exercise their option in full), which will be used to fund planned clinical trials, manufacturing product candidate, maintain and extend patent portfolio, retention of contract research organizations, development of a form of primary compound, LB-100 for oral administration, and for working capital and other general corporate purposes.The company has developed two series of pharmacologically active drugs, the LB-100 series and the LB-200 series. The LB-100 series targets several types of cancer, with potential for vascular and metabolic diseases. The LB-200 series may be useful for the treatment of chronic hereditary diseases. The company completed a Phase 1 trial of LB-100 demonstrating antitumor activity in humans and is currently in a Phase 1b/2 trial, with results expected

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Lixte Biotechnology sets terms to issue 1.5M shares in IPO