Lexaria Bioscience closes $3.5 million registered direct offering

Lexaria Bioscience Corp. (NASDAQ: LEXX, LEXXW) completed a registered direct offering of 2,661,600 shares of common stock at $1.315 per share, generating approximately $3.5 million in gross proceeds before fees and expenses.

The company simultaneously issued unregistered warrants to purchase up to 2,661,600 shares of common stock in a concurrent private placement. The warrants carry an exercise price of $1.19 per share, are immediately exercisable, and expire five years from the effectiveness of the resale registration statement.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The common stock shares were offered under a shelf registration statement on Form S-3 that became effective on January 30, 2025.

Lexaria stated it intends to use the net proceeds to advance research and development efforts, fund working capital, and support general corporate purposes. The company develops DehydraTECH, a drug delivery platform technology designed to improve oral drug absorption.

The warrants and underlying shares were issued through a private placement under Section 4(a)(2) of the Securities Act and have not been registered with the Securities and Exchange Commission. These securities cannot be offered or sold in the United States without registration or an applicable exemption.

Lexaria holds 56 granted patents with additional patents pending worldwide for its drug delivery technology, according to the company's statement.

You May Also Be Interested In

• uniQure prices $225 million public offering at $45.50 per share
• Galectin reaches FDA agreement on belapectin Phase 3 trial design
• Verastem reports early trial data for KRAS G12D cancer drug VS-7375