FinanceTechnology/Innovations

Cannabis Delivery Tech Innovator Lexaria to Increase Staff, Issue Options

By January 4, 2019 No Comments
Kelowna, British Columbia-based Lexaria Bioscience Corp. (OTC: LXRP) (CSE: LXX), a firm the develops new drug delivery technologies, will increase its staff and issue stock options.
Lexaria develops and out-licenses a delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. It has ten patents in the USA and Australia and has filed over 50 patent applications worldwide.
Lexaria’s annual revenue is still below $1 million/year.

Its technology offers a faster rate of intestinal absorption; higher amount delivered to the bloodstream; and taste-masking benefits, for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), nicotine and other molecules. Lexaria will hire a new corporate controller; head of legal division and other office staff. In the New Year, Lexaria expects to hire additional laboratory personnel as its R&D operations intensify.
As a result, Lexaria is issuing 240,000 stock options with an exercise price of US$1.06, that will vest 80,000 per year until April 15, 2021.
Lexaria has received US$110,000 from the exercise of warrants previously granted. (250,000 warrants with an exercise price of US$0.44). The warrant exercises are by third parties who are neither an officer nor a director of the Company.
Proceeds will be used for general corporate purposes.
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About Lexaria
Lexaria Bioscience Corp. has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. Lexaria has eight patents granted in the USA and in Australia and has filed over 50 patent applications worldwide across ten patent families. Lexaria’s technology provides increases in intestinal absorption rates; more rapid delivery to the bloodstream; and important taste-masking benefits, for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), nicotine and other molecules.
Source Lexaria press release
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