Lexaria Bioscience Corp. (OTCQX:LXRP)(CSE:LXX), a global innovator in drug delivery platforms, said it has filed an application with a senior stock exchange in the United States to request an uplisting of the company's common stock.
In a statement, Lexaria said it believes it will be positioned to meet the required listing qualifications for the senior exchange and that a successful uplisting to a senior US stock exchange should provide significant benefits to its shareholders that include increased liquidity, a much larger audience of institutional funds, improved visibility, and improved access to capital.
READ: Lexaria Bioscience finalizes first phase of research program on DehydraTECH oral nicotine formulation with Altria Ventures
It noted that as the company increases its focus on pharmaceutical and oral nicotine applications of its patented technology, such benefits could prove to be transformative for Lexaria in advancing its drug delivery technology.
Chris Bunka, the company’s chief executive officer commented: "Lexaria has achieved some impressive milestones in recent years through the discovery and development of our DehydraTECH technology platform.”
"In addition, we have significantly expanded our shareholder base and during our recent annual general meeting, have received overwhelming shareholder approval to advance the Company to a senior US stock exchange, in hopes of delivering increased investor recognition for our Company as well as value to our shareholders," he added.
The group said review of the company's application is underway and may require many weeks or months to draw to a conclusion and, while the firm believes it will be able to comply with all the necessary regulatory requirements, no assurances can be made that the application will be successful.
Lexaria’s proprietary drug delivery technology, DehydraTECH, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier 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.
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. It operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 16 patents granted and over 60 patents pending worldwide.