Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug-delivery platforms, has entered into a securities purchase agreement with a single healthcare-focused institutional investor; the agreement is for the purchase of 1,618,330 shares of common stock (or pre-funded warrants in lieu thereof) in a registered direct offering. According to the announcement, Lexaria also agreed to issue and sell warrants to purchase up to 1,618,330 shares of common stock to the same investor. The combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant is $0.97. The warrants will become exercisable six months from issuance, with an expiration date five and a half years from the issue date; the exercise price per share is $0.97. Lexaria anticipates receiving gross proceeds from the registered direct offering and concurrent private placement of approximately $1.6 million before the deduction of placement agent’s fees and other offering expenses. The offering is expected to close on or about Oct. 3, 2023, and is subject to customary closing conditions. Maxim Group LLC is acting as the sole placement agent in connection with the offering.
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About Lexaria Bioscience Corp.
Lexaria Bioscience’s patented drug-delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bioabsorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 36 patents granted and many patents pending worldwide. For more information about the company, please visit www.LexariaBioscience.com.
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