Lexaria Bioscience Corp (CSE:LXX) (OTCQX:LXRP) has revealed that it is close to winning a new patent for its flagship DehydraTECH technology.
The company announced Thursday that it has received a Notice of Allowance from the US Patent and Trademark Office for a new patent which provides additional patent claims that protect the use of the DehydraTECH technology together with cannabinoids, nicotine, nonsteroidal anti-inflammatory drugs, or vitamins in mix-and-serve beverage formats.
“This signifies another addition to Lexaria's first patent family, under which eight US patents have previously been granted,” the British Columbia-based company said in a statement.
READ: Lexaria Bioscience joins fight against coronavirus as it files new US patent for drug delivery technology
The company said the patent application, titled "Food and Beverage Compositions Infused With Lipophilic Active Agents and Methods of Use Thereof," is expected to lead to the formal granting of the new patent within roughly 100 days or less.
DehydraTECH turns cannabis and hemp oils into stabilized powders, which allows for faster absorption into the human bloodstream.
In other company news, Lexaria said it has issued 2,538,000 stock options to certain employees, consultants, directors and officers for the purchase of up to 2,538,000 common shares at US$0.32 apiece.
In addition, Lexaria is granting 700,000 stock options to an executive officer who also holds over 10% of the company's issued share capital for the purchase of up to 700,000 common shares at US$0.34 apiece.
The options are being issued under the company's shareholder approved Equity Incentive Plan whereby the exercise price of any options issued to a person holding 10% or more of the company's issued share capital must be equal to 110% of the fair market value of the company's shares.
The options are exercisable for a period of five years expiring on April 23, 2025, with some issuances being subject to certain vesting provisions. The option shares will be subject to a four-month hold period as prescribed by Canadian Securities Exchange policies.
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