Lexaria Bioscience Finalizes Project Agreement for Clinical Study in Australia

Lexaria Bioscience Corp. (OTCMKTS:LXRP), through its subsidiary Lexaria (AU) Pty Ltd, has formally established the terms of its Project Agreement with Novotech (Australia) Pty Limited for a clinical study in Australia. The Project Agreement pertains to Novotech serving as Lexaria AU’s clinical research organization for a study named “DehydraTECH Cannabidiol alone and in combination with glucagon-like peptide 1 agonists in pre- and Type II Diabetes” (GLP-1-H24-4), with an effective date of December 2, 2024.

As outlined in the Master Services Agreement and the associated Project Agreement, Lexaria AU retains the right to terminate the agreement with or without cause upon providing a 90-day notice. The total costs associated with the Project Agreement amount to approximately AUD$5.1 million. Initial start-up work related to the agreement has been carried out under a prior Start-Up Agreement.

Under the finalized Project Agreement, Lexaria (AU) is required to cover 15% of direct costs linked to GLP-1-H24-4, totaling around AUD$414,600, as well as 15% of the total pass-through costs, which amount to approximately AUD$347,800. These sums will be adjusted to account for fees previously paid by Lexaria AU to Novotech for services rendered under the Start-Up Agreement.

Additional detailed information regarding the Project Agreement with Novotech will be included as an exhibit to Lexaria Bioscience Corp.’s quarterly 10-Q Periodic Report.

Richard Christopher, the CEO and Principal Executive Officer of Lexaria Bioscience Corp., signed off on the disclosure. The report was officially filed with the Securities Exchange Commission on December 18, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Lexaria Bioscience’s 8K filing here.

About Lexaria Bioscience

Lexaria Bioscience Corp. operates in the drug delivery platform business. It develops and out-licenses its DehydraTECH technology for the delivery of bioactive compounds that promotes healthy ingestion methods, lower overall dosing, and higher effectiveness in active molecule delivery. The company has licensed DehydraTECH to various companies operating in the nicotine, pharmaceutical, nutraceutical, and vitamin industries.