Investing.com -- Lixte Biotechnology Holdings Inc. (NASDAQ:LIXT) stock fell 11.5% Tuesday after the company announced it has completed the acquisition of Liora Technologies Europe Ltd., a UK-based company specializing in electronically controlled proton therapy systems for cancer treatment.
The acquisition includes Liora’s proprietary LiGHT System (Linac for Image Guided Hadron Therapy), which is installed at the Daresbury Laboratory of the UK’s Science and Technology Facilities Council (STFC). According to the company, over $300 million has been invested to date in developing the technology.
Liora will become a wholly owned subsidiary of LIXTE, with the company stating that the acquisition represents its entry into the radiotherapy segment of cancer care.
"The acquisition of Liora represents our entry in the radiotherapy segment of cancer care and marks a significant step in LIXTE’s corporate growth and development as we aim to fulfill our mission of treating cancer with cutting-edge technologies," said Geordan Pursglove, CEO of LIXTE.
The company indicated that it plans to bring the LiGHT system to market and eventually pursue a recurring revenue model through jointly operated treatment centers. LIXTE views the acquisition as complementary to its pharmaceutical business and ongoing clinical trials with its LB-100 compound for Ovarian Clear Cell Carcinoma and Metastatic Colon Cancer.
Despite management’s optimism about the technology’s potential, investors responded negatively to the announcement, sending shares lower in Tuesday’s trading session.
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