US
Lexaria Nicotine LLC, a wholly owned subsidiary of Lexaria Bioscience Corp., has entered into a definitive agreement with Altria Group Inc. to fund the r&d of Lexaria’s patented DehydraTECH™ technology which enhances the performance of beneficial compounds in ingestible products across four categories: taste and smell, speed of action, bio-absorption and bioavailability.
The partnership will explore innovation in oral, reduced-risk nicotine consumer products and potentially commercialize the new technology for oral nicotine delivery.
“This is an incredible milestone for Lexaria Bioscience and our shareholders. We are proud that Altria has chosen to invest in our [new technology] and look forward to reaping the benefits of working with a world-class partner,” states Chris Bunka, c.e.o. of Lexaria Bioscience. “Together we have the opportunity to change nicotine delivery and make a difference in the lives of millions of consumers.”
In exchange for a minority equity interest Altria Ventures Inc., an indirect Altria Group subsidiary will fund up to US$12 million for Lexaria Nicotine to conduct milestone-based clinical investigations utilizing DehydraTECHTM.