• Chris Bunka, Lexaria’s CEO, remains confident that 2023 will be Lexaria’s best year ever and has expressed his optimism that the company will continue to build its client base and increase its cash flows as the year progresses
• In his 2023 letter to stakeholders, the CEO expressed his satisfaction given that the company had delivered on a statement that he made the previous year, lauding his team for meeting objectives that Lexaria had set out to achieve in the 2022 calendar year
• Through the help of his team, Bunka is committed to making Lexaria one of the top drug delivery performers in the biotech/pharmaceutical world, starting with the launch of its FDA-registered IND program to investigate its patented DehydraTECH(TM)-processed CBD for the potential treatment of hypertension

Back at the start of the 2022 calendar year, Chris Bunka, the CEO of Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, released his annual letter to all stakeholders. Of note was his emphasis on the company’s initiatives to have multiple choices in how it was funded, specifically trying to position Lexaria for non-dilutive injections of capital through strategic partners and other commercial relationships (https://ibn.fm/FBOAY).

In his 2023 letter, Bunka expressed his satisfaction and pleasure, given that the company delivered on the statement he made the previous year, pointing to his team for delivering objectives that Lexaria had set out to achieve in the 2022 calendar year.

Under the able leadership of John Docherty, Lexaria’s President and Director, as well as Gregory Downey, the Chief Financial Officer (“CFO”), the company has built on the progress made in 2022 to begin the transition toward a more commercial focus.

Lexaria was granted new patents in 2022, bringing its total to 28 granted patents worldwide across the United States, Canada, Mexico, Australia, Japan, India, and the European Union. The management expects to be awarded additional patents in the 2023 calendar year, even though it has already achieved considerable intellectual property protection through its existing patent portfolio.

Importantly, with its current positioning, Lexaria is seen as being able to fully operate through nearly all of 2023 without raising additional capital:

“In fact, we’ve done such a great job of preserving capital that we could survive through nearly all of 2023 without needing to raise additional capital, if we cut back a little on our R&D spending,” noted Bunka. “However, as we prefer to keep advancing our applied R&D at a rapid pace as we can, we are also continuing to pursue capital-strengthening possibilities that do not involve the issuance of any equity,” he added.

Going forward in 2023, Lexaria looks to launch its FDA-registered Investigational New Drug (“IND”) program to formally investigate its patented DehydraTECH(TM)-processed CBD for hypertension. The company also seeks commercial relationships this year, even as its R&D progresses. Bunka has also shared the possibility of additional investigations in 2023 related to DehydraTECH-CBD or other pharmaceutical areas of interest.

With the learnings from the previous year, Bunka is confident that 2023 will be Lexaria’s best year ever. With the company enjoying more successes than failures, its management hopes it will continue to build its client base and increase its cash flows as the year progresses.

“It is my goal for 2023 to make Lexaria Bioscience one of the top drug delivery performers in the biotech/pharmaceutical world as we continue to prove the validity of our technology, and really begin our efforts to deliver financial rewards to you, our owners,” noted Bunka.

For more information, visit the company’s website at www.LexariaBioscience.com.

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://ibn.fm/LEXX

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