Lixte Biotechnology Holdings, a Phase 2 biotech using biomarker technology to develop protein inhibitors for cancer, lowered the proposed deal size for its upcoming Nasdaq IPO on Monday. In its latest filing, the company also changes the security type offered to units from common shares.
The East Setauket, NY-based company now plans to raise $7 million by offering 1.5 million units at a price of $4.75. Each unit will consist of one share of common stock and one whole warrant, exercisable at $5.70. The company had previously filed to offer 1.5 million common shares at a range of $5.75 to $6.75. At the revised deal size, Lixte Biotechnology Holdings will raise -24% less in proceeds than previously anticipated. Because there are warrants attached to the offering, Lixte Biotechnology is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
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 and WallachBeth Capital are the joint bookrunners on the deal.
