Published on December 18, 2007
Exhibit
99.1
East
Setauket, NY, December 17, 2007, Lixte Biotechnology Holdings, Inc. (OTCBB:
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 discovery of a new biomarker for brain cancers by
collaborators at NIH, the Company is developing new drugs for the treatment
of
glioblastoma multiforme (GMB), the most common and most aggressive type of
primary brain cancer in adults and, to a much lesser extent, in
children.
About
Westpark Capital, Inc.
WestPark
is a leading full-service investment bank dedicated to providing innovative,
professional financial services to emerging growth companies headquartered
in
Los Angeles, California. WestPark provides a wide range of services for
both private and public companies, as well as to individuals and institutional
investors worldwide. WestPark is a leading financial advisor for emerging
growth
companies. WestPark offers its clients a comprehensive range of services
including WRASPs, initial public offerings, reverse mergers, follow-on offerings
and private placements, and financial advisory services.
Forward-Looking
Statements
This
announcement contains certain forward-looking statements within the meaning
of
Section 27A of the Securities Act of 1933, and Section 21E of the Securities
Exchange Act of 1934. For example, statements regarding the Company’s financial
position, business strategy and other plans and objectives for future
operations, and assumptions and predictions about future product demand,
supply,
manufacturing, costs, marketing and pricing factors are all forward-looking
statements. These statements are generally accompanied by words such as
“intend,” “anticipate,” “believe,” “estimate,” “potential(ly),” “continue,”
“forecast,” “predict,” “plan,” “may,” “will,” “could,” “would,” “should,”
“expect” or the negative of such terms or other comparable terminology. The
Company believes that the assumptions and expectations reflected in such
forward-looking statements are reasonable, based on information available
to it
on the date hereof, but the Company cannot provide assurances that these
assumptions and expectations will prove to have been correct or that the
Company
will take any action that the Company may presently be planning. However,
these
forward-looking statements are inherently subject to known and unknown risks
and
uncertainties. Actual results or experience may differ materially from those
expected or anticipated in the forward-looking statements. Factors that could
cause or contribute to such differences include, but are not limited to,
regulatory policies, available cash, research results, competition from other
similar businesses, and market and general economic factors. This discussion
should be read in conjunction with the condensed consolidated financial
statements and notes thereto included in Item 1 of the Quarterly Report on
Form 10-QSB for the quarter ending September 30, 2007.
For
additional information, please see our Website: www.Lixte.com.
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