LIXTE Biotechnology Holdings, Inc. (NASDAQ:LIXT), a micro-cap pharmaceutical company with a market capitalization of $4.84 million, has entered into an amendment to its existing Development Collaboration Agreement with the Netherlands Cancer Institute and Oncode Institute, the company disclosed in an 8-K filing with the SEC on Monday.
The original agreement, established on October 8, 2021, was designed to explore the potential of combining LB-100, LIXTE's proprietary compound, with other drugs to treat a variety of cancers.
The amendment, signed on Sunday, temporarily halts study activities and associated payments until the start of a Phase 1b clinical trial of LB-100 with a WEE1 inhibitor in metastatic colorectal cancer patients. The company's financial stability is reflected in its current ratio of 5.13, indicating ample liquid assets to meet short-term obligations.
The collaboration is set to resume once the first patient is dosed in this clinical trial. The amendment stipulates that the study will continue for one year from that date. Additionally, the amendment outlines a revised budget for the study, reducing the annual funding from €250,000 to €100,000, billed quarterly.
The collaboration between LIXTE Biotechnology, the Netherlands Cancer Institute, and Oncode Institute aims to enhance the understanding of LB-100's effects when used in conjunction with other cancer therapies.
In other recent news, Lixte Biotechnology Holdings, Inc. has been granted an extension by the Nasdaq Stock Market to meet its minimum stockholders’ equity requirement. The pharmaceutical company now has until February 18, 2025, to raise its stockholders’ equity to at least $2,500,000, as stated in a recent SEC filing. To address this, Lixte has proposed a plan to regain compliance through registered equity offerings and aims to raise up to $4 million in capital.
Additionally, Lixte Biotechnology has revised its director compensation policy, transitioning from cash payments to equity-based remuneration. Furthermore, the company has partnered with the Netherlands Cancer Institute to conduct a clinical trial for their cancer drug, LB-100.
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