Lixte Biotechnology Holdings, Inc. Enters into At-the-Market Sales Agreement with WallachBeth Capital, LLC

Lixte Biotechnology Holdings, Inc. (NASDAQ: LIXT) announced on January 6, 2025, that the company has entered into an At-the-Market Sales Agreement with WallachBeth Capital, LLC. Under the agreement, Lixte Biotechnology may offer and sell, through the Agent as an agent, shares of its common stock. The aggregate offering price for these shares could reach up to $1,700,000, subject to the stipulations outlined in the agreement.

The sale of common stock, if any, will be conducted under the Company’s effective shelf registration statement on Form S-3. This registration statement was filed with the Securities and Exchange Commission (SEC) on April 23, 2024, and was declared effective on May 2, 2024. Details regarding the offering are provided in the base prospectus dated April 23, 2024, and the prospectus supplement dated January 6, 2025, both of which are included in the Registration Statement.

The At-the-Market Sales Agreement empowers the Agent to sell shares of Lixte Biotechnology’s common stock through various methods permitted by law, including “at-the-market” offerings as defined in Rule 415 of the Securities Act of 1933. The Company intends to utilize the net proceeds from this offering for working capital and general corporate expenses, as well as for further development of its lead clinical compound, LB-100.

As part of the agreement, the Agent will receive a commission rate of 3.5% of the gross sales price per share of any common stock sold. Lixte Biotechnology will also provide customary indemnification, contribution rights, and reimburse certain legal expenses to the Agent.

The offering of common stock under this agreement will cease upon reaching the maximum dollar amount of shares sold, termination by either party, or the expiration of the shelf registration statement on Form S-3, three years from its initial effective date.

A full copy of the Sales Agreement has been filed as Exhibit 10.1 to the Current Report on Form 8-K. It is important to note that this report, along with its associated exhibits, is not an offer to sell or a solicitation to buy securities, nor will such an offer or solicitation occur where prohibited by law without proper registration or qualification.

Furthermore, the opinion letter of TroyGould PC regarding the legality of the shares is attached as Exhibit 5.1 to the report.

This transaction falls under Item 1.01 of the SEC filing, covering the entry into a material definitive agreement. It also highlights the Company’s strategic approach to funding and its commitment to advancing its key clinical asset. Moreover, this move underscores Lixte Biotechnology’s focus on fortifying its financial position for future growth.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Lixte Biotechnology’s 8K filing here.

Lixte Biotechnology Company Profile

LIXTE Biotechnology Holdings, Inc, a clinical-stage pharmaceutical company, focuses on identifying targets for cancer drug development, and developing and commercializing cancer therapies. Its lead product candidate, LB-100 is in phase 1b clinical trials combined with Atezolizumab for patients with microsatellite stable metastatic colon cancer.