Lixte Completes Private Placement of Convertible Preferred Stock
Lixte Biotechnology Holdings, Inc. (QB) (USOTC:LIXT)
Today : Monday 25 January 2016
EAST SETAUKET, NY-(Marketwired - Jan 25, 2016) - Lixte Biotechnology Holdings, Inc. (OTCQB: LIXT) announced today that a major shareholder has purchased $1,750,000 of Convertible Preferred stock. If fully converted, this purchase would convert to 2,187,500 common shares at a per share price of $0.80.
Lixte's CEO, John S. Kovach, M.D., said, "This new investment allows Lixte to pursue opportunities that have emerged regarding our lead anticancer compound, LB-100.
First, in the Phase I trial, several solid tumor patients with a variety of recurrent progressive cancers had stabilization of their disease in the absence of dose-limiting toxicity as reported at the 2015 AACR-NCI-EORTC International Conference in Boston. We had not anticipated that LB-100 alone would stop tumor progression in some solid tumor patients. This finding raises opportunities, currently being explored, to go directly to Phase 2 studies of LB-100 as a single agent.
Second, Lixte has licensed LB-100 to the Taipei Medical University to determine the activity of LB-100 plus doxorubicin in Asian patients with hepatocellular cancer, beginning with a Phase 1b/2 trial planned to start this summer. This will test the ability of LB-100, demonstrated in several animal models, to enhance the effectiveness of a widely used anticancer drug against one of the most common and devastating cancers worldwide.
Third, scientists at the National Institutes of Health (NIH) reported that LB-100 enhances the anti-tumor activity of cisplatin and reduced cisplatin-resistance of human medulloblastoma cells in animal models. Previously, NIH investigators found that LB-100 enhanced the activity of cisplatin in models of cisplatin sensitive and cisplatin-resistant human ovarian cancer."
Dr. Kovach continued, "Because of these new developments, Lixte is considering several options for Phase 1b/2 trials, with recurrent platinum-resistant ovarian cancer at the top of the list. The most definitive trial design would be a randomized study of LB-100 plus a platinum compound versus the therapeutic choice of the treating doctor with an opportunity for those failing treatment with the 'physician's choice' to receive the LB-100 regimen. The cost of a randomized trial would require additional financial resources beyond those of the private placement."
