Lixte Biotechnology Holdings, a Phase 2 biotech using biomarker technology to develop protein inhibitors for cancer, announced terms for its IPO on Tuesday.
The East Setauket, NY-based company plans to raise $9 million by offering 1.5 million shares at a price range of $5.75 to $6.75, below the as-converted last close of its shares on the OTCQB (LIXT). At the midpoint of the proposed range, Lixte Biotechnology Holdings would command a fully diluted market value of $84 million.
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 in 2023.
Lixte Biotechnology Holdings was founded in 2005 and plans to list on the Nasdaq under the symbol LIXT. WestPark Capital is the sole bookrunner on the deal.
