KELOWNA, BC / ACCESSWIRE / June 21, 2022 / Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, has recently announced signing two agreements with BevNology LLC, the product and development arm of InterContinental Beverage Capital (“IBC”), operating its state-of-the-art lab and manufacturing facility just outside of Atlanta, Georgia. This announcement only furthers Lexaria’s leverage of the market, with the company’s patented DehydraTECH(TM) technology having already been embraced by several consumer packaged goods brands, with availability in over 7,000 stores throughout the United States and Japan, including direct-to-consumer online retail portals.
The manufacturing operating agreement expands the production capabilities of Lexaria’s growing list of business-to-business clientele interested in purchasing DehydraTECH-powered active ingredients for packaged-goods brands. The new, state-of-the-art processing facility built by BevNology is operational, increasing and broadening production capabilities. This facility is currently serving Lexaria’s corporate clientele, with new equipment specific to DehydraTECH already installed.
The second agreement is a commercial license, empowering BevNology to offer the DehydraTECH products with active ingredients derived from hemp, including cannabidiol (“CBD”), under BevNology and partnered brands. The agreement is non-exclusive for powdered DehydraTECH formulations. For liquid formulations, the non-exclusivity is limited in the United States only, requiring certain minimum fee payments to maintain rights. Lexaria will receive royalties from BevNology for the utilization under this license, with exclusion only affecting Japan, the Republic of Korea, and the People’s Republic of China.
“These agreements build on a long-standing and very successful product development consulting relationship between Lexaria and the expert scientists and personnel at BevNology.” Lexaria CEO Chris Bunka said. “BevNology’s formulation and production capabilities are class-leading, and we are confident that our new relationship with our trusted partner will propel new and exciting growth opportunities for both companies.”
In other recent news, Lexaria has filed its pre-IND meeting request letter with the United States Food and Drug Administration (“FDA”) to initiate communication with the FDA regarding Lexaria’s development of the company’s DehydraTECH-CBD for potential hypertension treatment. The FDA has responded to and confirmed the company’s letter, with a target date of July 30, 2022, and disclosed the conditions in which Lexaria must meet prior to the meeting. Lexaria anticipates filing the full IND application in late 2022/early 2023.
“We are excited to take this important first regulatory step with the FDA for the development of our DehydraTECH-CBD for the treatment of hypertension,” stated John Docherty, President of Lexaria. “Submission of this request letter initiates formal communication with the FDA regarding our IND clinical trial plans in order to help define the critical path for clinical development and marketing approval of our potentially very significant new hypertension therapeutic.”
The hypertension treatment market is valued at approximately $28 billion per year and is expected to grow as one of the world’s top health problems as a subset of a larger heart disease market. There are over 1.1 billion people in the world suffering from hypertension, with fewer than 1 in 4 having successful control over it. The potential market size increases if an affordable drug were available with few or no side effects. Some reports indicate drugs for hypertension and related conditions are among the highest-selling category of drugs in the world (https://cnw.fm/RK0IU).
For more information, visit the company’s website at www.LexariaBioscience.com.
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About BevNology LLC
BevNology is a leading beverage development and advisory company with the focus on providing top-notch formulation and commercialization services of cutting-edge beverage products for both new and existing brands. BevNology’s outside the box thinking as well as creative product development innovation has earned them the top position in the beverage industry. The team at BevNology each have over 30 years of beverage development and beverage design experience in the Beverage Industry.
About Lexaria Bioscience Corp.
Lexaria Bioscience Corp.’s patented drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting more effective oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 25 patents granted and over 50 patents pending worldwide. For more information, please visit www.lexariabioscience.com.
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This press release includes forward-looking statements. Statements as such term is defined under applicable securities laws. These statements may be identified by words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions. Such forward-looking statements in this press release include, but are not limited to, statements by the company relating the Company’s ability to carry out research initiatives, receive regulatory approvals or grants or experience positive effects or results from any research or study. Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that the Company will actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. As such, you should not place undue reliance on these forward-looking statements. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation and regulatory approvals, managing and maintaining growth, the effect of adverse publicity, litigation, competition, scientific discovery, the patent application and approval process, potential adverse effects arising from the testing or use of products utilizing the DehydraTECH technology, the Company’s ability to maintain existing collaborations and realize the benefits thereof, delays or cancellations of planned R&D that could occur related to pandemics or for other reasons, and other factors which may be identified from time to time in the Company’s public announcements and periodic filings with the US Securities and Exchange Commission on EDGAR. There is no assurance that any of Lexaria’s postulated uses, benefits, or advantages for the patented and patent-pending technology will in fact be realized in any manner or in any part. No statement herein has been evaluated by the Food and Drug Administration (FDA). Lexaria-associated products are not intended to diagnose, treat, cure or prevent any disease. Any forward-looking statements contained in this release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
George Jurcic – Head of Investor Relations
Phone: 250-765-6424, ext 202
SOURCE: Lexaria Bioscience Corp.