Lexaria Bioscience Corp. (NASDAQ:LEXX, LEXXW) announced the closing of its registered direct offering priced at-the-market under Nasdaq rules, raising approximately $3.5 million in gross proceeds. The offering included 2,661,600 shares of common stock at $1.315 per share, along with unregistered warrants to purchase up to an equal number of shares at an exercise price of $1.19 per share, issued in a concurrent private placement. H.C. Wainwright & Co. served as the exclusive placement agent.
The net proceeds are intended to advance the company's research and development efforts, fund working capital, and support other general corporate purposes. Lexaria focuses on its patented DehydraTECH drug delivery platform, which aims to improve the bioavailability of drugs, particularly through oral delivery and across the blood-brain barrier. The company holds 56 patents globally and operates a licensed in-house research laboratory.
The registered direct offering was conducted under an effective shelf registration statement on Form S-3 (File No. 333-284407) filed with the SEC. The prospectus supplement and accompanying prospectus are available on the SEC's website at www.sec.gov. The warrants issued in the private placement have not been registered under the Securities Act and may only be offered or sold under an applicable exemption.
This capital raise comes as Lexaria continues to advance its drug delivery technology, which has shown potential in increasing bio-absorption and reducing side effects in various studies. The company's DehydraTECH platform is designed to improve how drugs enter the bloodstream, with applications across multiple therapeutic areas. Lexaria's intellectual property portfolio includes patents and pending applications worldwide, positioning it for further development and commercialization.
Forward-looking statements in the release highlight risks and uncertainties, including regulatory approvals, market conditions, and the outcome of research initiatives. The company disclaims any obligation to update these statements except as required by law.
