Lexaria Bioscience Corp. (LEXX) stock announced today on June 3, 2021, that remdesivir and ebastine were effective when processed with its DehydraTECH in the prevention of the COVID-19 SARS-CoV-2. Following this announcement, LEXX stock happened to be green, and its stock price saw a push of 3.76% to reach $6.35 a share at the time of this writing. LEXX stock was previously closed with a 3.32% drop. Let’s check out the recent events of LEXX stock in detail.
What’s Happening?
Lexaria Bioscience Corp, founded in 2004 and based in Kelowna, Canada, is operating as a drug delivery business. Remdesivir and ebastine were processed with Lexaria’s DehydraTECH and showed promising results in the prevention of COVID-19 SARS-CoV-2.The study was conducted by a third-party laboratory and via the use of VERO-E6, a primate line cell.The purpose of this study is to ensure the efficacy of Remdesivir and ebastine against antiviral infection especially the SARS-CoV-2 virus when processed with DehydraTECH. The results were according to the expectations and paved the way for further investigation in animal testing.
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Recent Developments
On May 20, 2021, Lexaria announced the results of the research and development study program according to which Lexaria’s DehydraTECHTM 2.0 formulation outperformed the traditional MCT oil-based formulations. CBD delivery rate of 2,708% achieved in the new formulation, significantly higher than industry standards, and it was 174% more effective as compared to formulation of the original DehydraTECH 2.0 in 2019.
On May 12, LEXX stock did announce the expansion of its intellectual property portfolio via the first patent grant in India. This patent is much important for LEXX stock as India is the 2nd largest populated country and its population is four-time larger than the U.S population. The application date for this patent is Dec. 1, 2016, and is valid for 20 years from the application date.
Wrap Up:
The recent announcement showing the effectiveness of remdesivir and ebastine with Lexaria’s DehydraTECH against Covid-19, by LEXX stock has captivated the attention of investors as it is going high today. The management is looking forward to conducting further investigation in animal testing. In a nutshell, investors need to keep an eye on this stock.