Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) recently announced that its wholly owned subsidiary, Lexaria Nicotine LLC, has partnered with one of the world’s largest tobacco companies to fund the research and development of Lexaria’s patented DehydraTECH (http://cnw.fm/w86Vf). The partnership may potentially commercialize this cutting-edge technology for oral nicotine delivery.
Chris Bunka, CEO of Lexaria Bioscience, is excited about the opportunity to work with a world-class partner. In a recent press release, Bunka stated, “Together we have the opportunity to change nicotine delivery and make a difference in the lives of millions of consumers.”
Lexaria’s goal is to create an oral product that eliminates the need for inhalation and helps curb the smoking habits of consumers. Over six million deaths a year worldwide are attributed to nicotine delivery through smoking. The company believes that its DehydraTECH technology may help the 69 percent of U.S. adult smokers who want to quit move from cigarettes to a safer, more effective delivery of nicotine (http://cnw.fm/FNoN7). This new partnership allows for further research and development into oral, reduced-risk nicotine consumer products.
In exchange for a minority equity interest in Lexaria’s nicotine subsidiary, the partner will fund up to $12 million through multiple phased private financings for Lexaria Nicotine LLC to conduct further research and development. Assuming nicotine products using DehydraTECH become available to consumers, Lexaria Nicotine will receive a royalty on revenue generated. The partner has been given exclusive license rights to commercialize oral nicotine products in the United States and nonexclusive rights for global commercialization. The partner also holds the option to acquire ownership of the subsidiary and has the right to appoint one of seven directors to the subsidiary’s board of directors, with the potential to appoint additional directors in the future.
Lexaria has created a number of individual subsidiaries, such as Lexaria Nicotine, that allow the company to retain ownership of DehydraTECH technology and license its use to multiple industries. This innovative oral technology improves the taste, smell, rapidity and delivery of bioactive compounds, which allows for the delivery of substances within edible food products rather than the traditional unhealthy practice of smoking.
DehydraTECH works as an enabling technology rather than a competing one, thereby allowing partnerships within multiple industries. Currently, the technology is patent protected for cannabidiol and all other non-psychoactive cannabinoids. Patents are pending for THC, nonsteroidal anti-inflammatory drugs (NSAIDs), nicotine, other psychoactive cannabinoids and other molecules. Lexaria has a total of 10 patents issued with over 50 more pending.
For more information, visit the company’s website at www.LexariaBioscience.com
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