|Lexaria Bioscience Corp.’s (CSE: LXX) (OTCQX: LXRP) Private Placement Raises Gross Proceeds of $1.5M; Funds Allocated for Canadian Lab, R&D|
- Increased size of non-brokered private placement raises gross proceeds of $1,515,440, to be used to fund construction of new Canadian lab, LXRP’s R&D and general corporate purposes
- LXRP has received two new U.S. patents related to cannabinoid infused beverage compositions using DehydraTECH; the company is a drug delivery innovator
- The company has expanded its IP portfolio, giving it a total of 10 patents in its first family in the U.S. and Australia; it has 50 patent applications globally and out-licenses its technology
Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) has raised, in a non-brokered private placement, a total of $1,515,440. Net proceeds will be used for construction of a new lab in Canada, LXRP-driven R&D and general corporate purposes. The offering consists of 947,150 units at an issue price of $1.60 per unit (http://nnw.fm/g81uD). Lexaria, due to strong demand, increased the size of the placement.
Each unit consists of one common share of the company and one common share purchase warrant. Each warrant shall entitle the holder to acquire one common share of LXRP at a price of $2.25 per common share for a period of 24 months following the closing of the offering. Finder’s fees of $45,080 and 28,175 finder’s warrants were paid on a portion of the proceeds raised, with each finder’s warrant having exercise terms identical to the warrants issued.
Based in British Columbia, Canada, LXRP is a biotechnology company that has developed technology which has shown faster and more effective delivery of cannabinoids and nicotine. Its IP portfolio already includes a patent for oral delivery of all cannabinoids. The newest patents are to protect LXRP’s cannabinoid-infused beverage compositions. The compositions use both non-psychoactive cannabinoids, such as CBD, and also psychoactive cannabinoids, such as THC.
In a news release, Chris Bunka, chief executive officer of LXRP, said, “We thank both our new subscribers and those existing shareholders who supported this private placement, during unusually adverse market conditions — a testament to their belief in the vision and prospects of Lexaria.”
In an interview on the Uptick Newswire podcast, Bunka added that LXRP is a pioneer in its IP patent activity in the cannabis sector. He added that the company now has close to a half-dozen licensees in Canada and the United States who are paying LXRP to use its DehydraTECH technology (http://nnw.fm/EUwE5).
LXRP has a growing IP portfolio and will license in any of the countries worldwide where its technology already has a patent or is patent-pending. DehydraTECH is its proprietary absorption technology platform. It hopes to be granted two new Australian patents by year’s end. If patents applied for are issued, LXRP will then hold 12 issued patents within its first patent family, “Food and Beverage Compositions Infused With Lipophilic Active Agents and Methods of Use Thereof.”
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