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KELOWNA, BC - Lexaria Bioscience Corp. (NASDAQ:LEXX), currently trading at $0.96 and down over 64% in the past year, announced Monday it has received two new international patents, bringing its total worldwide patent portfolio to 50. The $18.7 million market cap company maintains a strong balance sheet with more cash than debt.
The company received a patent in Australia for compositions and methods for treating epilepsy, extending protection for its DehydraTECH processing technology beyond its existing six U.S. patents in this area. This patent will expire in 2044.
Additionally, Lexaria secured a patent in Japan for compositions and methods for sublingual delivery of nicotine, complementing existing patents in the United States and Canada. This patent will expire in 2043.
"We are pleased to announce the addition of these patents as we continue to execute on our strategy to broaden Lexaria's patent portfolio," said Rich Christopher, CEO of Lexaria, in a press release statement.
The epilepsy drug market was valued at $9.5 billion in 2023 and is projected to reach over $15 billion by 2032, with approximately 50 million people affected by epilepsy in the U.S. alone.
The global retail oral nicotine market was valued at $5.5 billion in 2023 and is expected to grow at 26% annually until at least 2030. The nicotine pouch market, where DehydraTECH has shown absorption benefits in earlier studies, is projected to reach $25.4 billion by 2030.
Altria Ventures Inc., which holds a 16.67% stake in Lexaria Nicotine LLC, maintains a non-exclusive license to use DehydraTECH with nicotine products.
Lexaria's DehydraTECH technology is designed to improve the delivery of pharmaceutical ingredients through oral administration and has demonstrated increased bio-absorption capabilities in the company's research. According to InvestingPro analysis, while the stock trades near its 52-week low, the company maintains a healthy current ratio of 4.24, indicating strong short-term financial stability. InvestingPro's Fair Value analysis suggests the stock may be undervalued at current levels, with 8 additional real-time insights available to subscribers.
In other recent news, Lexaria Bioscience Corp. has made significant strides in its research and financial initiatives. The company has secured $2 million through a direct offering, facilitated by H.C. Wainwright & Co., which will support working capital and general corporate purposes. Additionally, Lexaria has completed patient enrollment for its Phase 1b study, GLP-1-H24-4, in Australia, which examines the safety and efficacy of its DehydraTECH technology in oral diabetes medications. This study, involving 24 patients per arm, is set to conclude its treatment phase in approximately twelve weeks.
Lexaria is also advancing its collaboration with a pharmaceutical company, PharmaCO, under a Material Transfer Agreement to explore the pharmacokinetics of its DehydraTECH technology. The company has initiated a new human clinical study, GLP-1-H25-5, to test the oral DehydraTECH-liraglutide against the injectable form, Saxenda®. This follows promising results from a rodent trial showing significant weight and blood sugar reduction. Lexaria's DehydraTECH technology aims to enhance drug absorption and reduce side effects.
These developments underscore Lexaria's ongoing efforts to improve oral drug delivery and expand its research portfolio, backed by a strong intellectual property portfolio of 48 granted patents. Results from the ongoing studies are anticipated in the coming quarters, providing further insights into the potential applications of DehydraTECH.
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