Lixte Biotechnology Holdings Announces Increased Funding
Lixte Biotechnology Holdings, Inc. (LIXT.PK), announced allowance by the Food and Drug Administration to conduct a Phase I trial of its lead, potentially first-in-class, anti-cancer compound, LB-100. The trial will be conducted at a National Cancer Institute-designated Comprehensive Cancer Center. Lixte also reported raising $2,468,250 to initiate this trial and to continue its drug discovery research through an offering to holders of warrants for exercising their rights in cash.
Dr. John S. Kovach, founder and president of Lixte, said that, "LB-100, a novel anti-cancer compound, inhibits a target enzyme that has multiple activities in various tissues, including mediating the response of cells to DNA damage. Many standard anti-cancer drugs and radiation exert their therapeutic activity by damaging DNA. Inhibition of the target enzyme by LB-100 prevents cancer cells from defending themselves against this injury thereby enhancing the effectiveness of the treatment. Our priority is to determine the safety of LB-100 in the upcoming Phase I clinical trial and subsequently the extent of its anti-cancer activity in Phase II trials. Given the novel mechanism of action of LB-100 and its effectiveness in potentiating standard chemotherapeutic drugs and radiation in animal models, we are hopeful that LB-100 will be a significant addition to treatment regimens for a range of cancers. We are grateful to our investors who continue to support our programs as we achieve significant milestones."
About Lixte Biotechnology Holdings, Inc.
Lixte is engaged primarily in development of improved treatments for cancer. The company was created to capitalize on opportunities to develop low cost, specific and sensitive tests for the early detection of cancers. Over the past five years, however, Lixte has evolved into what is now primarily a drug discovery company, using biomarker technology to identify vulnerable enzyme targets, which contribute to cancer and other serious non-malignant common diseases, and then design novel compounds to attack those targets.