Lexaria Bioscience Corp (NASDAQ:LEXX) (NASDAQ:LEXXW) (CSE:LXX) has bolstered its board with the addition of Al Reese Jr.
Certified accountant Reese has over 40 years' experience in public and private businesses and was finance chief at a former Nasdaq-listed energy company, where he arranged transactions totaling more than US$10 billion over two decades.
"Al is also experienced in negotiating technology license agreements with companies in the US and internationally, and the board of directors looks forward to his guidance as Lexaria continues to evolve and pursue its strategic out-licensing business model," said Chris Bunka, CEO and chairman, at Lexaria.
Reese added in the statement: "I’ve been familiar with Lexaria since inception and have seen this team’s determination to develop and commercialize the DehydraTECH TM 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 honor to be part of it."
Also in the statement, the company updated on its application to the US National Institutes of Health (NIH) for a grant to support its second round of planned studies relating to treatment options for coronavirus (COVID-19), announced last summer, saying members of a review group had met to consider applications but Lexaria’s had not been discussed or scored.
"As such, it is not likely that Lexaria’s application will be funded relative to other applications they prioritized, although no definitive decision has yet been provided to Lexaria," the company noted.
Lexaria's proprietary drug delivery technology improves the way active pharmaceutical ingredients (APIs) enter the bloodstream and increases the effectiveness of fat-soluble active molecules, thereby lowering overall dosing.
Shares in Canada nudged up 0.87% to C$5.83 each.
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