EAST SETAUKET, N.Y., March 2, 2011 /PRNewswire/ -- Lixte Biotechnology Holdings (OTC: LIXT) announced today that the company has received a $244,479.25 grant under the Qualifying Therapeutic Discovery Project (QTDP). This grant was awarded to further development and commercialization of Lixte's novel anti-cancer compound LB-100. The QTDP program was included as part of the Patient Protection and Affordable Care Act of 2010 to encourage development of new therapies to prevent, diagnose, and treat acute and chronic diseases. The selection process took into consideration the potential of projects to reduce long-term healthcare costs in the United States or significantly advance the goal of curing cancer over the next 30 years. The selections were made jointly by the Department of Health and Human Services and the Treasury Department.
"We are extremely pleased to have qualified for this grant," said Dr. John Kovach, founder and president of Lixte. "The funds will be used as part of our effort to complete pre-clinical studies and submit an IND to the FDA to bring our novel compound LB-100 to Phase I clinical trial. LB-100 represents a new type of anti-cancer drug, which we hope will improve treatments for several different types of human cancers for which more effective therapies are urgently needed."
About Lixte Biotechnology Holdings, Inc:Lixte Biotechnology Holdings, Inc. is a cancer therapeutics company. Founded as a biomarker-diagnostics company in 2005, Lixte primary focus is discovery of new chemotherapy drugs based on targeting molecular abnormalities of common human cancers critical to their survival.
Forward-Looking StatementsThis 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 regardin