- Lexaria, a global innovator in drug delivery platforms, recently announced that it had entered into a securities purchase agreement with a single health-focused institutional investor
- The agreement is for the purchase of 1,618,330 shares of common stock at $0.97 per share, with gross proceeds amounting to approximately $1.6 million
- The raised funds will be integral to Lexaria advancing its operations, inching it closer to FDA approval for its patented DehydraTECH(TM)-processed CBD for the potential treatment of hypertension
- It will also help assert Lexaria’s position as a leader in the market, even as it pushes the envelope in terms of research and development of its revolutionary DehydraTECH technology
Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, raised approximately $1.6 million from its latest round of investment in what will mark a significant milestone for the company. In September 2023, the company announced that it had entered into a securities purchase agreement with a single healthcare-focused institutional investor to purchase 1,618,330 shares of common stock at $0.97 per share. Maxim Group LLC acted as the sole placement agent in connection with the offering (https://cnw.fm/TNjLB).
The warrants will become exercisable six months from issuance, expiring five and a half years from the issuance date. These shares of common stock were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-262402), declared effective by the U.S. Securities and Exchange Commission (“SEC”) on February 4, 2022.
This move follows Lexaria’s ambitious steps to steadily advance its patented DehydraTECH(TM) technology across different areas of application, including, but not limited to, oral nicotine, antivirals, human hormone therapy, hypertension, and diabetes. Within the first half of the 2023 calendar year, the company had significantly scaled up its research and development (“R&D”), with a primary focus on the execution of hypertension, oral nicotine, and diabetes studies (https://cnw.fm/Cfdmo). Each of these studies yielded positive and promising results, ultimately setting the company up for success and continued to prove the viability of its technology.
Lexaria is now closer than ever to submitting its Investigational New Drug (“IND”) application for its planned U.S. Phase 1b Hypertension Clinical Trial with the U.S. Food and Drug Administration (“FDA”). Similar levels of success have been replicated in other studies, with the DIAB-A22-1 pre-clinical diabetes study showing that DehydraTECH-processed CBD yielded successful results showing positive impacts on blood glucose levels, overall body weight, locomotor activity, as well as triglyceride and blood urea nitrogen levels.
The raised funds will be integral to Lexaria further advancing its operations, specifically its research, inching it even closer to FDA approval for its DehydraTECH-CBD for potential hypertension treatment. In addition, it will help assert its position as a leader in the market, all while creating value for its shareholders.
For more information, visit the company’s website at www.LexariaBioscience.com.
NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX
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