- LXRP’s subsidiary, Lexaria Nicotine LLC, enters definitive investment agreement with Altria Ventures Inc.; Altria to fund R&D, receive license rights and equity
- Altria will fund research on LXRP’s DehydraTECH oral nicotine products, pay sales royalties and may fund up to $12 million more through a series of private financings
- LXRP has not sold or optioned its own equity and still retains majority equity ownership of Lexaria Nicotine, LLC; Altria would receive minority equity interest in the subsidiary
Lexaria Bioscience Corp.’s (CSE: LXX) (OTCQX: LXRP) wholly owned subsidiary, Lexaria Nicotine LLC, has entered a definitive investment agreement with Altria Group Inc.’s (NYSE: MO) Altria Ventures Inc. subsidiary for a partnership. Altria will initially fund $1 million toward LXRP’s R&D on nicotine consumer products using DehydraTECH (http://nnw.fm/OOa3P).
Altria will also have the option to provide up to $12 million in additional research monies to underwrite LXRP’s R&D through multiple phased private financings. In exchange, Altria’s indirect wholly owned…
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