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FAQ: Lexaria Bioscience Corp.'s $3.5 Million Registered Direct Offering and Private Placement
TL;DR
Lexaria Bioscience's $3.5 million offering provides capital to accelerate its DehydraTECH drug delivery platform, potentially creating investment opportunities in enhanced pharmaceutical absorption.
Lexaria Bioscience closed a registered direct offering of 2,661,600 shares at $1.315 each, with concurrent private placement warrants exercisable at $1.19, raising approximately $3.5 million.
The funding will advance Lexaria's research into DehydraTECH technology, which aims to improve drug delivery and reduce side effects for better patient outcomes worldwide.
Lexaria's DehydraTECH platform uses patented oral delivery to enhance drug absorption across the blood-brain barrier, backed by 56 granted patents globally.
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Lexaria Bioscience Corp. announced the closing of a $3.5 million registered direct offering of common stock priced at-the-market under Nasdaq rules, along with a concurrent private placement of warrants.
The aggregate gross proceeds to the company were approximately $3.5 million, before deducting placement agent fees and other offering expenses.
The company sold 2,661,600 shares of common stock at a purchase price of $1.315 per share through a registered direct offering under an effective SEC Form S-3 registration statement.
In a concurrent private placement, the company issued unregistered warrants to purchase up to 2,661,600 shares of common stock with an exercise price of $1.19 per share, immediately exercisable and expiring five years from the effectiveness of the resale registration statement.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The company intends to use the net proceeds to advance its research and development efforts, fund working capital, and for other general corporate purposes.
The prospectus supplement and accompanying prospectus are available at the SEC's website at www.sec.gov, or by contacting H.C. Wainwright & Co. at placements@hcwco.com or (212) 856-5711.
The warrants were issued under Section 4(a)(2) of the Securities Act and Regulation D, are not registered under the Securities Act or state securities laws, and may only be offered or sold in the U.S. pursuant to an effective registration statement or applicable exemption.
Lexaria is a global innovator in drug delivery platforms, with its patented DehydraTECH™ technology that improves how drugs enter the bloodstream through oral delivery.
Curated from NewMediaWire
