Business
Lexaria Bioscience Announces Closing of $2.0 Million Public Offering
KELOWNA, BC / ACCESSWIRE / May 11, 2023 / Lexaria Bioscience Corp. (Nasdaq:LEXX)(Nasdaq:LEXXW) (the "Company" or "Lexaria"), a global innovator in drug
About this update from Lexaria Bioscience Corp.
[{"type":"text","content":"KELOWNA, BC / ACCESSWIRE / May 11, 2023 / Lexaria Bioscience Corp. (Nasdaq:LEXX)(Nasdaq:LEXXW) (the \"Company\" or \"Lexaria\"), a global innovator in drug delivery platforms, today announced the closing of its public offering of 2,106,000 units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock. Each unit was sold at a public offering price of $0.95. The warrants in the units are immediately exercisable at a price of $0.95 per share and expire five years from the date of issuance. The shares of common stock and accompanying warrants were only purchasable together in this offering, but were issued separately and were immediately separable upon issuance.Gross proceeds, before deducting placement agent fees and other offering expenses, were approximately $2.0 million.Maxim Group LLC acted as sole placement agent in connection with this offering.The securities described above were offered pursuant to a registration statement on Form S-1, as amended (File No. 333-271096) (the \"Registration Statement\"), which was declared effective by the Securities and Exchange Commission (the \"SEC\") on May 8, 2023. The offering was made only by means of a prospectus which is a part of the Registration Statement. A copy of the final prospectus relating to the offering has been filed with the SEC and may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.About Lexaria Bioscience Corp.Lexaria Bioscience Corp.'s patented drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream through oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house rese...