Lixte Biotechnology Holdings, Inc. Announces Completion of Private...( EAST SETAUKET N.Y. Dec. 18 /- Lix...),Health

EAST SETAUKET, N.Y., Dec. 18 /PRNewswire-FirstCall/ -- Lixte Biotechnology Holdings, Inc. (OTC Bulletin Board: LIXT) a developer of improved methods for both detection and treatment of cancer, announced the closing of a private placement. In the placement, Lixte sold 1,000,000 shares of its Common Stock at a price of $0.65 per share resulting in gross proceeds of $650,000. WestPark Capital, Inc. acted as placement agent and received $65,000 in commissions and $26,000 representing a non-accountable expense fee. Lixte also issued to WestPark five year warrants to purchase up to 100,000 shares of the Company's Common Stock and five year incentive warrants to purchase up to an additional 20,000 shares, all such warrants to be exercisable at $0.65 per share.

Lixte agreed to file a registration statement with the SEC covering resale of the shares upon written request from holders who represent at least 50% of the shares. Lixte also granted to the holders piggyback registration rights.

John Kovach, Lixte's President, stated that Lixte intends to use the net proceeds to pursue development of proprietary compounds for the submission of an IND to the Food & Drug Administration for a Phase I clinical trial, and for working capital.

The offer and sale of the shares sold were not registered under the Securities Act of 1933, as amended in reliance upon the exemption from registration contained in Section 4(2) of the Securities Act and Regulation D promulgated thereunder. The shares sold by Lixte may not be reoffered or sold in the United States by the holders in the absence of an effective registration statement, or exemption from the registration requirements, under the Securities Act.

About Lixte

Lixte is a cancer therapeutics and diagnostics company. Founded as a biomarker-diagnostics company in 2005, the Company develops new chemotherapy drugs targeting molecular abnormalities of common human cancers. Over the past year, based on the
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