LexaGene Provides Corporate Update
November 13 2019 - 7:58AM
LexaGene Holdings, Inc., (OTCQB: LXXGF; TSX-V: LXG) (the
“Company”), a biotechnology company that develops genetic analyzers
for rapid pathogen detection and other molecular markers, provides
a corporate update.
After reporting successful beta test results during the summer
and early fall, LexaGene closed a $6.6M CAD financing on October
29, 2019. Dr. Jack Regan, LexaGene’s CEO and Founder states,
“This financing puts the Company in a very strong position to
advance our commercial development goals. We’ve gone from being a
company with a vision and R&D focus to carrying out beta
testing, and now we’re ramping up for our commercial build.”
Management is using these funds to expand the development team
in the areas of mechanical, electrical, and software engineering to
speed the Company’s ability to evaluate and finalize different
components for the commercial design of the LX2™ Genetic
Analyzer. These components will enhance performance, lessen
time-to-result, improve manufacturability and serviceability, as
well as lower costs for the final commercial build.
The Company’s system engineers are also actively making
architectural improvements that will transition the beta design
into commercial design. Once finalized, the Company will begin
manufacturing several pre-commercial units. This pilot build
serves as a final check before manufacturing a more substantial
inventory to meet anticipated market demand.
For this process, the Company will begin hiring manufacturing
specialists and building out the sales team who will assume
responsibility for managing the pre-commercial testing program,
which is critical for building pre-sales and brand awareness.
Lastly, the Company will be active at conferences and tradeshows
in the upcoming months. LexaGene is currently attending a
conference on countering weapons of mass destruction. Bio-threat
prevention continues to be an area of interest for LexaGene, given
the unique advantage of our open-access technology, which can be
quickly configured to help identify novel pathogens to avert a
pandemic, either natural (e.g., avian influenza) or as a
consequence of bio-warfare (e.g., weaponized smallpox). Recently,
scientists and mathematicians have modeled that 33 million will
likely perish in just six months’ time if a pathogen similar to the
1918 influenza pathogen were to strike again. To lessen the
probability of such a threat, healthcare providers need a
commercial near-patient system that can be rapidly configured to
respond to novel threats, and LexaGene’s LX2 Genetic Analyzer is
anticipated to fill this critical market need.
Dr. Regan comments further, “LexaGene is on a solid pathway to
commercialization in 2020. We are excited about the LX Analyzer
technology, and as our beta program has shown, there is market
readiness and strong demand.”
About LexaGene Holdings Inc.LexaGene is a
biotechnology company that develops genetic analyzers for pathogen
detection and other molecular markers for on-site rapid testing in
veterinary diagnostics, food safety and for use in open-access
markets such as clinical research, agricultural testing and
biodefense. End-users simply need to collect a sample, load it onto
the instrument with a sample preparation cartridge, enter sample ID
and press ‘go’. The LX Analyzer delivers excellent sensitivity,
specificity, and breadth of detection and can process multiple
samples at a time, in an on-demand fashion, returning results in
about 1 hour. The unique open-access feature is designed for custom
testing so that end-users can load their own real-time PCR assays
onto the instrument to target any genetic target of interest.
Media Contacts Nicole Ridgedale Director of
Corporate Marketing, LexaGene800.215.1824 ext
206nridgedale@lexagene.com
Investor Relations Jay AdelaarVice President of
Capital Markets, LexaGene800.215.1824 ext
207jadelaar@lexagene.com
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.
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