Lexaria Bioscience (CSE: LXX) (OTCQX: LXRP), a global innovator in drug delivery platforms, today announced its receipt of a Notice of Allowance from the United States Patent and Trademark Office (“USPTO”) for a new patent. According to the update, the new patent provides additional claims that protect the use of its DehydraTECH(TM) technology together with cannabinoids, nicotine, nonsteroidal anti-inflammatory drugs, or vitamins in mix and serve beverage formats. This patent, with application number 16/497,920 under the title “Food and Beverage Compositions Infused With Lipophilic Active Agents and Methods of Use Thereof,” signifies another addition to Lexaria’s first patent family, under which eight U.S. patents have previously been granted. As has been Lexaria’s past experience, the company expects formal granting of the new patent within roughly 100 days or less.
In addition, Lexaria also announced that it has issued: 2,538,000 stock options to certain employees, consultants, directors and officers of the company for the purchase of up to 2,538,000 of its common shares at an exercise price of US$0.32; and 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 of its common shares at an exercise price of US$0.34 (collectively the “options”). The options are being issued pursuant to Lexaria’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.
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About Lexaria
Lexaria Bioscience Corp. is a global innovator in drug delivery platforms. Its patented DehydraTECH(TM) drug delivery technology changes the way API’s enter the bloodstream, promoting healthier ingestion methods, lower overall dosing and higher effectiveness for lipophilic active molecules. DehydraTECH increases bio-absorption; reduces time of onset; and can reduce drug costs for orally administered bioactive molecules including nicotine, vitamins, non-steroidal anti-inflammatory drugs (“NSAIDs”) and other molecules. Lexaria has licensed DehydraTECH to multiple companies for use in various oral application formats, including to a world-leading tobacco producer for the development of smokeless, oral-based nicotine products. Lexaria operates a federally licensed in-house research laboratory and holds a robust intellectual property portfolio with 16 patents granted and over 60 patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.
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