02:14 PM EST, 03/05/2024 (MT Newswires) -- Lexaria Bioscience's ( LEXX ) shares rose 11.7% in recent Tuesday afternoon trading after the company said it is set to begin an 8-week animal study evaluating the diabetes and weight loss effects of DehydraTECH-processed glucagon-like peptide 1 drugs and DehydraTECH-processed cannabidiol formulations.

The company said it has awarded the contract for the study to a Canadian research laboratory, which is expected to begin with 45 days.

Novo Nordisk's ( NVO ) diabetes pill Rybelsus will be part of the study, which will evaluate 12 groups, according to Lexaria.

Price: 3.35, Change: +0.35, Percent Change: +11.67