- Lexaria recently completed its 2,106,000-unit public offering at $0.95 per share – representing proceeds totaling over $2 million gross in support of the company’s growth
- Maxim Group LLC is acting as the sole placement agent in connection with Lexaria’s offering
- Earlier the company was granted four new patents, bringing its total to 32 granted and many more pending worldwide for its patented DehydraTECH(TM) technology
- Lexaria is currently seeking IND status from the FDA for use of DehydraTECH-processed CBD with hypertension and expects to begin dosing a new human clinical trial in October 2023
Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently announced the closing of its 2,106,000-unit public offering. Each unit consists of one share of common stock, and one warrant to purchase one share of common stock. The common shares and accompanying warrants can only be purchased together in this offering but will be issued by the company separately and will be separable upon issuance.
Each unit in Lexaria’s public offering is being sold at $0.95 and will be immediately exercisable at $0.95 per share and expire five years from the date of issuance. Maxim Group LLC is acting as the sole placement agent in connection with Lexaria’s offering. Before deducting the placement agent fees and other offering expenses, gross proceeds totaled approximately $2 million (https://ibn.fm/Bdr8d).
Lexaria’s patented DehydraTECH(TM) technology is designed to deliver lipophilic (fat-soluble) drugs and active pharmaceutical ingredients (“APIs”) more effectively. The major benefits of DehydraTECH-enabled drugs or consumer products include:
- Speeds up delivery – the subject feels the effects of the product in just minutes
- Increases bioavailability – the technology is much more effective at delivering the drug or product into the bloodstream
- Increases brain absorption – animal testing suggests significant improvement in the quantity of the drug delivered across the blood-brain barrier
- Improves drug potency – more of the ingested product is made available to the body, so lower doses are required to achieve the desired effect
- Reduces drug administration costs – lower doses mean lower overall drug costs
- Masks unwanted taste – the technology eliminates or reduces the need for sweeteners
Lexaria has demonstrated through animal studies a propensity for DehydraTECH to elevate the quantity of the drug delivered across the blood-brain barrier by as much as 1,700 percent, initiating additional new patent applications and opening possibilities for improved drug delivery. Since 2016, DehydraTECH has repeatedly demonstrated, through cannabinoids and nicotine, the ability to increase bio-absorption by up to five to ten times, reduce the onset time from one to two hours to just minutes, and mask unwanted tastes.
Lexaria is exploring additional orally administered bioactive molecules, including antivirals, cannabinoids, PDE5 inhibitors, oral nicotine and more.
The company currently has 32 granted patents, with several more pending worldwide – after recently being granted four new patents in Japan, Australia, Canada, and the United States. Lexaria believes that the U.S. patent could be of particular importance as it relates to the company’s pursuit of utilizing DehydraTECH-CBD in relation to its hypertension studies and its FDA Investigational New Drug application.
Phase 1b of Lexaria’s HYPER-H23-1 clinical trial, Phase 1b Randomized, Double-Blind, Placebo-Controlled Study of Safety, Pharmacokinetics, and Pharmacodynamics of DehydraTECH-CBD in Subjects with Stage 1 or Stage 2 Hypertension, is expected to begin dosing as early as October 2023, after the filing of the IND with the FDA which is expected in this summer. The five previous (non-FDA regulated) human trials of DehydraTECH-CBD have shown potential to have pronounced clinical benefits relative to anti-hypertensive therapeutics.
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://ibn.fm/LEXX
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