Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, has had significant developments in 2023. Most notably, the company has seen more positive results for its patented DehydraTECH(TM) technology for various indications, including potential diabetes treatment, oral nicotine, and hypertension. Results in these studies set the stage for additional clinical trials for 2024. These have contributed to the company’s projected valuation of $10 a share, up from the current $1.50, per a recent Zacks SCR report (https://cnw.fm/ifIlY).
Zacks SCR projects 259% year-over-year (“YOY”) revenue growth for 2024 and a 20% YOY growth for 2025. This progression will largely depend on the ultimate approval and commercialization of products employing its DehydraTECH technology, mainly since the company receives most of its revenues from licensing and product sales, which can, in part, fund its research and development (“R&D”) operations. The success achieved so far in its hypertension, oral nicotine delivery, and diabetes studies shows important promise, and its management is optimistic that they will be integral to the company’s growth in the coming year.
In addition, other strategic moves that the company has made in 2023 are expected to further contribute to the company’s progress in 2024. Of note is the exclusive global collaboration and license agreement with SulfoSyn Limited that will allow for the non-pharmaceutical use of DehydraTECH with sulforaphane, a chemical compound found in a variety of cruciferous vegetables such as cabbage, cauliflower, and broccoli, among others. It is considered an antioxidant and anti-inflammatory with lots of health benefits. Another is Lexaria’s incorporation of a new wholly-owned subsidiary, Lexaria Nutraceutical Corp., that looks to optimize its DehydraTECH strategy that services several markets that fall under different regulatory regimes worldwide.
Within the first quarter of 2024, Lexaria anticipates approval for their Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”) for its planned Phase 1b hypertension clinical trial, using DehydraTECH-CBD. It also hopes to close out its NIC-H22-1 clinical study on nicotine, update on final results, and commence with its Phase 1b hypertension study. The company’s animal GLP-1 study is also set to begin, with an update on objectives scheduled for the year’s first half.
These initiatives reflect Lexaria’s commitment to creating shareholder value. They also indicate its management’s confidence in its technology. Lexaria has invested a lot of time and resources in the R&D for its technology since 2016, and it is about to pay off. With its unique benefits, which include, but are not limited to, increasing brain absorption, speeding up delivery, and increasing bioavailability, the technology is seeing a decent uptake, and with the plans lined up for 2024, it is bound to be even higher, ultimately stamping Lexaria as a leader in its space.
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://cnw.fm/LEXX
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