Lexaria Bioscience Corp. (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced its receipt of US$3,817,643 from the exercise of share purchase warrants. According to the update, the company issued the warrants pursuant to its January 2021 public underwritten offering. The shares and warrants issued thereunder were registered pursuant to a Form S-1 Registration Statement (No. 333-250326), as amended, and a Form S-1MEF Registration Statement (No. 333-252031). The warrants were exercised into 580,189 shares of voting common stock of the company, each at an exercise price of US$6.58. The company will utilize all proceeds received from the warrant exercises for the continued advancement of its investigational research program and for general corporate purposes. With this additional capital, Lexaria Bioscience Corp. believes its business plan objectives and all operations are now funded well into the year 2022.
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About Lexaria Bioscience Corp.
Lexaria Bioscience Corp.’s proprietary drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The company’s technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets, and capsules. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids and nicotine by up to 5-10x, reduce time of onset from 1 – 2 hours to minutes, and mask unwanted tastes; and is planned to be further evaluated for orally administered bioactive molecules, including anti-viral drugs, vitamins, non-steroidal anti-inflammatory drugs (“NSAIDs”) and more. Lexaria has licensed DehydraTECH to multiple companies including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products and for use in industries that produce cannabinoid beverages, edibles and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 20 patents granted and over 50 patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.
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