LEXXW - Lexaria Appoints New Chief Financial Officer and Issues Consultant Warrants
(TheNewswire)
Kelowna, British Columbia – TheNewswire - April 15, 2021 –Lexaria Bioscience Corp. (Nasdaq:LEXX)(Nasdaq:LEXXW) (CSE:LXX) (CNSX:LXX.CN) (the “Company” or“Lexaria”), a global innovator in drug delivery platforms,announces the appointment of a new Chief Financial Officer and theissuance of share purchase warrants to third party consultants.
Lexaria is pleased to announce that effective April 15,2021, Gregory Downey will be assuming the role of Chief FinancialOfficer of the Company. During the past two years, Mr. Downey hasbeen engaged by the Company as its Controller and has intimateknowledge regarding the Company’s business and finances. Mr.Downey brings a wealth of experience to Lexaria, having served as theChief Financial Officer of several public companies during the pastten years. Mr. Downey holds a Certified Management Accountantdesignation and is a member of the Chartered Professional Accountantsof British Columbia.
In the position as Chief Financial Officer, Mr. Downeywill be compensated with a base annual salary of CDN$144,000, with anannual increase of 10%, an option grant for the issuance of up to12,000 common shares, and other customary incentives.
The Company is grateful to outgoing CFO, Mr. AllanSpissinger, for his many contributions and wishes him continuedsuccess in his future endeavours.
The Company also announces that effective on April 16,2021, it will be issuing share purchase warrants (the “ Warrants ”) for theissuance of up to an aggregate 300,000 common shares to threeunrelated third party consultants. The Warrants will be exercisablefor a period of three years ending on April 16, 2024 at an exerciseprice of US$9.00 per share. The shares issuable upon exercise of theWarrants will be restricted securities pursuant to US securitieslaws.
Lexaria Bioscience Corp.’s proprietary drug deliverytechnology, DehydraTECH™, improves the way active pharmaceuticalingredients (APIs) enter the bloodstream by promoting healthier oralingestion methods and increasing the effectiveness of fat-solubleactive molecules, thereby lowering overall dosing. The Company’stechnology can be applied to many different ingestible productformats, including foods, beverages, oral suspensions, tablets, andcapsules. DehydraTECH has repeatedly demonstrated since 2016 withcannabinoids and nicotine the ability to increase bio-absorption by upto 5-10x, reduce time of onset from 1 - 2 hours to minutes, and maskunwanted tastes; and is planned to be further evaluated for orallyadministered bioactive molecules, including anti-virals, cannabinoids,vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), andnicotine. Lexaria has licensed DehydraTECH to multiple companies including a world-leading tobacco producer for thedevelopment of smokeless, oral-based nicotine products and for use inindustries that produce cannabinoid beverages, edibles, and oralproducts. Lexaria operates a licensed in-house research laboratory andholds a robust intellectual property portfolio with 18 patents grantedand approximately 60 patents pending worldwide. For more information,please visit www.lexariabioscience.com .
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press releaseincludes forward-looking statements. Statements as such term isdefined under applicable securities laws. These statements may beidentified by words such as "anticipate," "if,""believe," "plan," "estimate,""expect," "intend," "may,""could," "should," "will," and othersimilar expressions. Such forward-looking statements in this pressrelease include, but are not limited to, statements by the companyrelating the Company’s ability to carry out research initiatives,receive regulatory approvals or grants or experience positive effectsor results from any research or study. Such forward-looking statementsare estimates reflecting the Company's best judgment based uponcurrent information and involve a number of risks and uncertainties,and there can be no assurance that the Company will actually achievethe plans, intentions, or expectations disclosed in theseforward-looking statements. As such, you should not place unduereliance on these forward-looking statements. Factors which could cause actualresults to differ materially from those estimated by the Companyinclude, but are not limited to, government regulation and regulatoryapprovals, managing and maintaining growth, the effect of adversepublicity, litigation, competition, scientific discovery, the patentapplication and approval process, potential adverse effects arisingfrom the testing or use of products utilizing the DehydraTECHtechnology, the Company’s ability to maintain existingcollaborations and realize the benefits thereof, delays orcancellations of planned R&D that could occur related to pandemicsor for other reasons, and other factors which may be identified fromtime to time in the Company's public announcements and periodicfilings with the US Securities and Exchange Commission on EDGAR. Thereis no assurance that any of Lexaria’s postulated uses, benefits, oradvantages for the patented and patent-pending technology will in factbe realized in any manner or in any part. No statement herein has beenevaluated by the Food and Drug Administration (FDA). Lexaria-associated products are not intended to diagnose, treat,cure or prevent any disease. Any forward-looking statements containedin this release speak only as of the date hereof, and the Companyexpressly disclaims any obligation to update any forward-lookingstatements contained herein, whether as a result of any newinformation, future events, changed circumstances or otherwise, exceptas otherwise required by law.
TheCSE has not reviewed and does not accept responsibility for theadequacy or accuracy of this release.
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