Lexaria Appoints New Board Member
JANUARY 15, 2021 3:35PM EST
KELOWNA, BC / ACCESSWIRE / January 15, 2021 / Lexaria Bioscience Corp. (NASDAQ:LEXX)(NASDAQ:LEXXW)(CSE:LXX) (the "Company" or "Lexaria"
, a global innovator in drug delivery platforms, is pleased to announce the appointment of Mr. Al Reese, Jr., to its Board of Directors. Mr. Reese has over 40 years experience in public and private businesses including as CFO of a formerly Nasdaq-listed energy company where he arranged finance transactions totaling 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 ten 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 DehydraTECHTM 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."
"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, CEO and Chairman of the Board. "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 outlicensing business model."
Separately, Lexaria also announces pursuant to its press release issued June 18, 2020, that it has been informed by the NIH that members of its Scientific Review Group for their National Institute of Allergy and Infectious Diseases (NIAID) Funding Opportunity Announcement (FOA) 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 funded relative to other applications they prioritized, although no definitive decision has yet been provided to Lexaria.
Many research grant applications do not receive funding because applications almost always greatly exceed available budgets, thus grants of this type generally enjoy roughly a 20% 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 R&D objectives which are all fully funded.
https://nexus.od.nih.gov/all/2020/05/05/extra...spectively.
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