Mr. Chris Bunka reports
LEXARIA APPOINTS NEW BOARD MEMBER
Lexaria Bioscience Corp. has appointed Al Reese Jr. to its board of directors.
Mr. Reese has over 40 years experience in public and private businesses including as chief financial officer of a formerly Nasdaq-listed energy company where he arranged finance transactions totalling over $10-billion dollars during his 20-year tenure. Mr. Reese was a director and chairman of the audit committee of a community bank in Texas for 10 years until such time as it was acquired by a larger banking group in 2018.
Mr. Reese is a certified public accountant (1974), and received his Bachelor of business administration degree from Texas A&M University in 1971 and his MBA from University of Houston in 1977. He has extensive experience at a senior level in financial services, finance transactions, investor relations and more.
"It is a real privilege to join the team at Lexaria," comments Mr. Reese. "I've been familiar with Lexaria since inception and have seen this team's determination to develop and commercialize the DehydraTECH technology. With the recent capital raise, Lexaria now has sufficient capital to conduct the studies and programs to continue to find new and expanded applications of DehydraTECH and other Lexaria opportunities. With the new capital and the right amount of capital discipline, Lexaria should have an excellent future. It is an honour to be part of it."
"We are delighted to welcome Al Reese to our board of directors, where he will add considerable financial industry and public company expertise," said Chris Bunka, chief executive officer and chairman of the board. "Al is also experienced in negotiating technology license agreements with companies in the U.S. and internationally, and the board of directors looks forward to his guidance as Lexaria continues to evolve and pursue its strategic outlicensing business model."
Separately, pursuant to Lexaria's press release issued June 18, 2020, it has been informed by the NIH that members of its Scientific Review Group for its National Institute of Allergy and Infectious Diseases' financing opportunity announcement RFA-AI-20-028 -- Partnerships for Countermeasures against Select Pathogens, have met to consider the applications they received at which time Lexaria's application was not discussed or scored. As such, it is not likely that Lexaria's application will be financed relative to other applications they prioritized, although no definitive decision has yet been provided to Lexaria.
Many research grant applications do not receive financing because applications almost always greatly exceed available budgets, thus grants of this type generally enjoy roughly a 20-per-cent success rate. As this grant application was an external add-on to Lexaria's primary 2021 research objectives, it will have no effect on the company's core planned research and development objectives, which are all fully financed.
About Lexaria Bioscience Corp.
Lexaria Bioscience's proprietary drug delivery technology, DehydraTECH, improves the way active pharmaceutical ingredients enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The company's technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets and capsules. DehydraTECH has repeatedly demonstrated since 2016 with cannabinoids and nicotine the ability to increase bio-absorption by up to five to 10 times, reduce time of onset from one to two hours to minutes, and mask unwanted tastes, and is planned to be further evaluated for orally administered bioactive molecules, including anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs and nicotine. Lexaria has licensed DehydraTECH to multiple companies, including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products and for use in industries that produce cannabinoid beverages, edibles and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 18 patents granted and approximately 60 patents pending worldwide.
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