Lixte Biotechnology announces closing of $1.05M registered direct offering

LIXTE Biotechnology (LIXT) announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of an aggregate of 434,784 shares of the company’s common stock at a purchase price of $2.415 per share. In addition, in a concurrent private placement, the company issued unregistered warrants to purchase up to an aggregate of 434,784 shares of common stock. The warrants have an exercise price of $2.29 per share and are exercisable for five years from the date of issuance. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The aggregate gross proceeds to the company from the offering were approximately $1.05M before deducting the placement agent fees and other offering expenses payable by the company. The company currently intends to use the net proceeds from the offering for working capital and other general corporate purposes.