LIXT - Mixed Shelf Filing Gives Micro Cap Delayed Boost

2024-04-24 17:14:01 ET

A California-based %Biotech company is finding pretty serious success on Wednesday a day after the company filed a registration statement covering the potential sale of up to $50 million mixed shelf offering, which covered common shares, preferred shares, debt securities, warrants, rights and units, according to Tuesday’s release.

While some might view this as potentially dilutive, traders couldn’t get their hands on shares of %LixteBiotechnologyHoldings (NASDAQ: ) fast enough as they pushed shares of this micro cap up to $3.57/share (+10.87%) at the session high.

Lixte Biotech Holdings Inc is a drug discovery company that uses biomarker technology to identify enzyme targets associated with serious common diseases and then designs novel compounds to attack those targets. The company focuses on developing new treatments for human cancers for which therapies are urgently needed. It mainly designs drugs for which there are existing data suggesting any effect on altered pathways of the cancer cell and may be given safely to humans. The development program of the company includes drugs for the treatment of cancer, consisting of protein phosphatase inhibitors and histone deacetylase inhibitors.