KELOWNA, BC - Lexaria Bioscience Corp. (NASDAQ:LEXX) announced today the appointment of Michael Shankman as its new Chief Financial Officer (CFO), effective immediately. Shankman, a Certified Public Accountant, joins the executive leadership team with a focus on steering the company's financial operations during a period anticipated for strong growth.
Shankman's professional background includes significant experience in financial and regulatory matters across various industries such as biotechnology, medical devices, and software services. His prior engagement with Lexaria as a contractor, assisting with financial reporting and the 2023 audit, provides him with an in-depth understanding of the company's operations.
Richard Christopher, CEO of Lexaria, expressed his confidence in Shankman's abilities to contribute to the company's success. "Mike is an accomplished individual who brings a wealth of financial and regulatory knowledge and experience to the table," Christopher stated.
Shankman himself expressed enthusiasm about joining Lexaria, noting the company's potential for significant advancements in its pharmaceutical research and development program.
Lexaria Bioscience Corp. is known for its patented drug delivery platform, DehydraTECH™, which enhances the bio-absorption of active pharmaceutical ingredients (APIs) and their effectiveness in crossing the blood-brain barrier. The technology is considered particularly important for centrally active compounds.
The company, which has been developing DehydraTECH since 2016, operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 46 patents granted and additional patents pending worldwide.
The press release also contains forward-looking statements regarding Lexaria's research initiatives and potential benefits of its technology. However, it is important to note that these statements are based on current estimates and involve risks and uncertainties. The company cautions readers not to place undue reliance on these forward-looking statements, which are subject to change based on various factors identified in periodic filings with the US Securities and Exchange Commission.
This news is based on a press release statement from Lexaria Bioscience Corp.
In other recent news, Lexaria Bioscience Corp. has undergone a leadership transition, appointing Richard Christopher as the new CEO, effective from August 31, 2024. Christopher, who brings a wealth of experience from the pharmaceutical and medical device industries, succeeds Christopher Bunka, who will continue as Chairman of the Board and strategic advisor. The company also announced a partnership with PharmaCO for pre-clinical trials of its drug delivery platform, DehydraTECH. Recent studies suggest that DehydraTECH-processed Rybelsus capsules may offer improved tolerability compared to commercially available Rybelsus tablets. Preliminary results from Lexaria's human pilot study indicate a trend toward higher absorption of DehydraTECH-processed Rybelsus. An ongoing animal study suggests potential benefits in diabetes management and weight loss efficacy through DehydraTECH technology. Analysts from H.C. Wainwright have maintained their Buy rating for Lexaria Bioscience, acknowledging the potential impact of DehydraTECH technology on obesity and diabetes treatment. These are recent developments in the company's operations.
InvestingPro Insights
Lexaria Bioscience Corp.'s appointment of Michael Shankman as CFO comes at a pivotal time for the company, as reflected in recent financial data and analyst projections. According to InvestingPro data, Lexaria's market capitalization stands at $48.7 million, indicating its current position in the biotech sector.
Despite the company's innovative DehydraTECH™ platform and expanding patent portfolio, Lexaria faces financial challenges. InvestingPro Tips reveal that the company is not profitable over the last twelve months, with an operating income of -$4.66 million. However, there are positive signs: Lexaria holds more cash than debt on its balance sheet, suggesting financial stability in the near term.
The company's revenue growth is noteworthy, with a 34.05% increase in the last twelve months as of Q3 2024. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year. This growth trajectory could be crucial as Shankman takes on his role as CFO, potentially focusing on translating research advancements into financial performance.
Investors should note that Lexaria's stock has shown significant volatility. While it has experienced a high return over the last year, with a 205.03% price total return, it has also fared poorly over the last month, declining by 21.99%. This volatility underscores the importance of Shankman's financial stewardship in navigating market fluctuations.
For those seeking a deeper understanding of Lexaria's financial position and prospects, InvestingPro offers additional tips and metrics beyond those mentioned here. In fact, there are 8 more InvestingPro Tips available for LEXX, providing a comprehensive view for investors considering the company's potential in light of its new CFO appointment and ongoing R&D efforts.
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