LEXXW - Lexaria Receives US$3817643 From Warrant Exercises
(TheNewswire)
Kelowna, British Columbia - TheNewswire – July 26, 2021 – Lexaria Bioscience Corp. (Nasdaq:LEXX) (Nasdaq:LEXXW) (the“Company” or “Lexaria”), a global innovator in drug deliveryplatforms is pleased to announce the receipt of US$3,817,643 from theexercise of share purchase warrants (the “Warrants”).
The Warrants were issued by the Company pursuant to itsJanuary 2021 public underwritten offering (the “Offering”) wherebythe shares and Warrants issued thereunder were registered pursuant toa Form S-1 Registration Statement (No. 333-250326), as amended and aForm S-1MEF Registration Statement (No. 333-252031) . The Warrants were exercised into 580,189 shares of votingcommon stock of the Company at an exercise price of US$6.58 per share.
As a further breakdown, of the Warrants exercised,83,284 Warrants were exercised by the underwriters of the Offering,leaving 143,877 underwriter Warrants remaining; and 496,905 Warrantswere exercised by investors of the Offering, leaving 1,605,951 listedWarrants remaining and trading on the Nasdaq Capital Markets undersymbol LEXXW.
All proceeds received from the Warrant exercises willbe used for the continued advancement of the Company’sinvestigational research program and for general corporate purposes.With this additional capital, the Company believes its business planobjectives and all operations are now funded well into the year2022.
About Lexaria Bioscience Corp.
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. Since 2016, DehydraTECH has repeatedly demonstrated theability to increase bio-absorption withcannabinoids and nicotine by up to 5-10x, reducetime of onset from 1 - 2 hours to minutes, and mask unwanted tastes;and is planned to be further evaluated for orally administeredbioactive molecules, including anti-viral drugs, vitamins,non-steroidal anti-inflammatory drugs (NSAIDs) and more. Lexaria haslicensed DehydraTECH to multiple companies including a world-leadingtobacco producer for the development of smokeless, oral-based nicotineproducts and for use in industries that produce cannabinoid beverages,edibles, and oral products. Lexaria operates a licensed in-houseresearch laboratory and holds a robust intellectual property portfoliowith 20 patents granted and over 50 patents pending worldwide. Formore 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 existing collaborations 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.
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