Business
Lexaria Grants License to Valcon Medical for the European Market
Contract Manufacturing Organization first in Europe to License DehydraTECHLexaria will receive milestone fees and royalty payments from product salesKELOWNA,
About this update from Lexaria Bioscience Corp.
[{"type":"text","content":"Contract Manufacturing Organization first in Europe to License DehydraTECHLexaria will receive milestone fees and royalty payments from product salesKELOWNA, BC / ACCESSWIRE / June 2, 2022 / Lexaria Bioscience Corp. (Nasdaq:LEXX) (Nasdaq:LEXXW) (the \"Company\" or \"Lexaria\"), a global innovator in drug delivery platforms is pleased to announce the awarding of a European and United Kingdom (\"UK\") DehydraTECH license for medical cannabis applications from Lexaria Pharmaceutical Corp. to Valcon Medical A/S (\"Valcon\").Valcon Medical is a European contract manufacturing organization (\"CMO\"), specialized in the manufacturing of medical cannabis extracts for the European Union (\"EU\") and the UK. Valcon is GMP certified and licensed under the Danish medical cannabis program to manufacture cannabis products that require physician-patient consultation.Valcon products will span non-registered medical products through magistral programs, country-level market-authorized medical cannabis products through pilot programs, and country and/or EU Commission registered medical cannabis products. These products include bulk powders or solid oral dosage forms including, but not limited to, powder-filled capsules, compressed tablets, pills, oral melts, and topical creams and lotions with or without patch integration.The non-exclusive license includes a combination of defined milestone fees payable to Lexaria upon completion of batch validation and marketing authorization application approvals for the first DehydraTECH-enabled products completed by Valcon for each of several product categories it shall pursue, together with defined royalties payable to Lexaria on revenues generated from Valcon's product sales.\"We are very excited to have licensed Lexaria's DehydraTECH technology for what we expect will be rapid growth across the European markets,\" said Pete Patterson, CEO of Valcon Medical A/S. \"As Valcon continues to build out its manufacturing capabilities we are developing new IP and partnering with industry leaders. Lexaria has developed and patented an incredible technology which will benefit medical cannabis patients with enhanced bioavailability with a quicker effect onset. Backed by substantial clinical efficacy studies, Valcon will bridge the extensive work that Lexaria has done in the US, over to Europe.\"Lexaria notes the potent...