Lexaria Bioscience Corp. (OTCQX: LXRP)(CSE: LXX) is enjoying a busy week. After last Tuesday's announcement that the Company received its first-ever European patent related to its DehydraTECHTM technology, it followed up on Thursday with a significant update notifying the markets that it is exceeding expectations for the volume of servings of its patented DehydraTECHTM enabled CBD powders.
Specifically, the Company is referencing an order announced on September 23, 2020, saying it had received purchase order commitments for the current quarter (September 1 - November 30) for approximately 4.4 million CBD servings of DehydraTECH-enabled CBD powders. The Thursday update noted that processing rates have exceeded expectations, and as of October 21, the Company has already processed approximately 4.2 million servings.
Lexaria also confirmed purchase orders to process a total of over 8.0 million servings during the current quarter, representing an estimated increase of more than over 500% volume growth from the approximately 1.2 million CBD servings processed in the Company's fiscal Q4, which itself reflected growth of 71% from fiscal Q3, 2020.
Moreover, the Company said that if existing activities and conditions continue, its expectations to produce at least 56 million servings during the calendar year 2021, driven by existing customers' communications, may prove to be conservative. Also notable is that these indicative orders do not include any additional demand from prospective future clients.
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Company Gets First-Ever European Patent For DehydraTECH Technology
Earlier in the week, Lexaria announced that it is receiving its first-ever granted patent in Europe related to its DehydraTECHTM technology.
The European patent will be published in the European Patent Bulletin of November 11, 2020 entitled "Food and Beverage Compositions Infused With Lipophilic Active Agents and Methods of Use Thereof" and includes claims for improved oral delivery of cannabinoids, nicotine, non-steroidal anti-inflammatory drugs (NSAIDs), and vitamins. The receipt of this most recent patent essentially doubles the population where Lexaria hold patents thereby enhancing their presence in Europe’s progressive market for the oral delivery of active substances and their focus on expanding into pharmaceuticals.
The patent adds important new protections for Lexaria technology including important method of treatment claims for a broad range of disease conditions. In particular, the claims protect its technology using cannabinoids to treat cardiac conditions such as hypertension and neurological diseases such as Alzheimer's and Parkinson's. Additional protections exist using cannabinoids to treat metabolic disorders and substance addictions, and nicotine to treat tobacco dependence/addiction and neurological diseases.
Other potentially lucrative markets covered in the patent involve the use of its technology to create orally delivered NSAIDs to treat a host of conditions involving pain, fever and inflammatory states, and can be further used in vitamins to treat conditions such as ataxia related to certain vitamin deficiencies.
The Priority status extends to original patents granted to certain dates in 2014 and 2015, strengthening Lexaria's IP claims compared to more recent competitors. The patent announced on Tuesday represents the first patent issuance in Europe under Lexaria's first patent family.
"We're very pleased to be awarded our very first European patent grant as we're continually working to expand both the geography where Lexaria's intellectual property is protected under law, as well as expand the scope of business possible," said Chris Bunka, Lexaria Chief Executive Officer. "The receipt of this patent grant is timely in that we have recently forged new relationships in Europe where a number of countries have very progressive markets for the oral delivery of active substances including nicotine and more, supporting our commercialization efforts."
Lexaria currently has 18 granted patents, along with approximately 60 patent applications pending throughout the world. The granted patents cover delivery of cannabinoids, NSAIDs, nicotine and fat-soluble vitamins. The patent most recently received in the EU includes medically based methods of treatment supporting the future vision of Lexaria as they transition from cannabis to true pharma. The company has patents pending for the delivery of many antiviral drugs, human hormones such as testosterone and estrogen, phosphodiesterase inhibitors, and more.
Shares of Lexaria are trading roughly 10% higher on the news.
Read more about Lexaria Bioscience at https://get.ceo3in60.com/lxrp/
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