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- Lexaria has entered an agreement wherein an existing accredited investor has exercised all their warrants to purchase shares
- The company has received $4.7 million from this undertaking, prior to deducting estimated offering expenses
- Proceeds fully fund Lexaria’s entire planned 2024 GLP-1 R&D program, leaving additional excess capital for general purposes
Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just announced its entry into a warrant exercise agreement with an existing accredited investor to exercise in full certain existing warrants initially issued in October 2023 and February 2024. The warrants will be exercised at $0.97 and $2.185 per share, respectively, with the whole undertaking yielding approximately $4.7 million, prior to deducting estimated offering expenses (https://cnw.fm/YbeyA).
Proceeds from this offering will fund the 2024 GLP-1 research program and go into Lexaria’s working capital. Chris Bunka, the company’s CEO, noted that the funds will further extend its operational runway deep into 2025, an integral milestone given its project pipeline, specifically its focus on glucagon-like peptide 1 (“GLP-1”) studies for the 2024 calendar year.
“These additional cash proceeds of $4.7 million further extend Lexaria’s operational runway deep into 2025 and allow us to execute our 2024 plans at an aggressive pace,” noted Mr. Bunka.
This announcement closely follows Lexaria’s recent milestone of three additional patents to its portfolio. In April 2024, the company received two newly granted patents in the U.S. and one in Japan. The first two patents fell under the company’s patent family #24: Compositions and Methods for Treating Epilepsy, while the third fell under patent family #18: Compositions and Methods for Enhanced Delivery of Antiviral Agents. While the company maintains its standing on the value of its intellectual property and continues to pursue that, its focus for 2024 has been specifically focused on GLP-1 studies.
“Our R&D plans for 2024 are very tightly focused and will be concentrated mainly on GLP-1 investigations. We are not at this time planning additional 2024 research in antiviral nicotine, or PDE5 sectors. We have solid early-stage data in each of those areas that will allow us to build upon those at the right time,” noted Mr. Bunka (https://cnw.fm/w21gI).
The $4.7 million will be integral in realizing this objective for the company, even as it pushes for patent applications. With this, its management maintains that its hard work will prove itself in 2024, ultimately creating additional shareholder value.
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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