LexaGene Names Medical Device Veteran Joseph Caruso to Board of Directors
June 18 2018 - 8:00AM
LexaGene Holdings Inc. (OTCQB:LXXGF) (TSX-V:LXG) (the “Company”), a
biotechnology company that develops instrumentation for pathogen
detection, today announced the appointment of Joseph Caruso, to the
Company’s Board of Directors. “Mr. Caruso is joining
LexaGene’s Board of Directors at a pivotal moment for the Company,
as we are continuing to push forward with the optimization of our
first-of-its-kind prototype for rapid pathogen detection,” said Dr.
Jack Regan, LexaGene’s CEO. “As such, Mr. Caruso’s expertise and
knowledge of developing new-to-the-market medical devices and
moving novel technology into commercialization will serve us well
as we come closer to commercial launch of our products. Our
proprietary technology addresses multiple multibillion dollar
markets and we believe our technology will change the future of
pathogen detection as we know it today.” Dr. Jack Regan continues,
“Under Mr. Caruso’s leadership as CEO and Chairman of the Board of
Palomar Medical Technology, Inc., he was responsible for the
successful worldwide commercial launch of dozens of medical devices
over a 30-year career.”
Mr. Caruso has extensive executive management, operational,
financial, business development, investor relations, regulatory,
and research and development experience with public and private
companies. He currently serves as a member of the Board of
Directors and Operating Committee of Endocellutions, Inc., a
privately held medical device company. Since 2014, Mr. Caruso
has focused on strategic and operational initiatives including
launching the company’s first medical device for stem cell
aspiration, expanding distribution, product development, and
developing strategic partnerships. From 2016 to 2018, Mr.
Caruso was a member of Launchpad Venture Group, a Boston-based
investment group providing funding and advice to early stage
companies focusing on innovative technology.
Mr. Caruso was one of the founding members of the management
team of Palomar Medical Technologies, Inc. (NASDAQ:PMTI) (now part
of Hologic, Inc.: (NASDAQ:HOLX)) taking the company public in
1992. As CEO and Chairman of the Board of Directors, Mr.
Caruso was instrumental in growing the company from a start up
until its sale in 2013 for approximately $300M. Under
Mr. Caruso’s leadership, Palomar, with offices around the world,
developed the first high powered laser hair removal system and
helped create the multi-billion dollar cosmetic medical device
industry. Palomar developed many first-of-its-kind
technologies including the first FDA OTC cleared laser for home
use. Palomar was responsible for developing many of the most
popular energy-based professional cosmetic medical device
technologies that are in use today including fractional wrinkle
removal lasers, laser-based lipolysis and one of the most widely
used laser cosmetic technologies for laser hair removal. Mr.
Caruso was actively involved in the design and development of a
number of the medical devices launched by Palomar and worked
closely with many world-renowned research institutions such as
Massachusetts General Hospital. Palomar technology has been
used by thousands of physicians on millions of patients
worldwide. Mr. Caruso negotiated dozens of
acquisitions, license agreements and joint development agreements
in his career including with companies such as Johnson and Johnson,
Inc. (JNJ) and Gillette (now part of Proctor and Gamble Company,
Inc.: PG).
ON BEHALF OF THE BOARD “Jack Regan”
Dr. Jack Regan, Chief Executive Officer
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About LexaGene Holdings Inc. LexaGene is a
biotechnology company developing the very first easy-to-use fully
automated pathogen detection platform that is open-access, the LX6.
The open-access feature will empower end-users to target any
pathogen of interest, as they can load their own real-time PCR
assays onto the instrument for customized pathogen detection.
End-users simply need to collect a sample, load it onto the
instrument with a sample preparation cartridge, and press ‘go’. The
instrument is expected to offer excellent sensitivity, specificity,
and breadth of pathogen detection. The instrument will be
able to process six samples at a time, in an on-demand fashion,
returning results in about 1 hour. The company expects to
sell its technology in the food safety, veterinary diagnostics,
water quality monitoring, and aquaculture pathogen surveillance
markets.
The TSX Venture Exchange Inc. has in no way
passed upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectation. Important factors -- including the
availability of funds, the results of financing efforts, the
success of technology development efforts, the cost to procure
critical parts, performance of the instrument, market acceptance of
the technology, regulatory acceptance, and licensing issues -- that
could cause actual results to differ materially from the Company's
expectations as disclosed in the Company's documents filed from
time to time on SEDAR (see www.sedar.com). Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The company disclaims any intention or obligation, except to the
extent required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Media Contacts Caitlin Kasunich
/ Amy Singh KCSA Strategic Communications 212.896.1241 /
212.896.1207 ckasunich@kcsa.com/ asingh@kcsa.com
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