LexaGene Receives $3.6M from the Exercise of Warrants
March 02 2021 - 7:45AM
LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the
“
Company”), a molecular diagnostics company that
develops fully automated rapid pathogen detection systems,
announced today that the Company has received approximately $3.6M
CAD ($2.9M USD) in warrant exercises since the start of 2021.
Dr. Jack Regan, LexaGene’s CEO and Founder states, “Achieving
our first commercial sales in combination with a very positive
outlook for 2021 has resulted in the appreciation of our share
price over the last few months. The receipt of exercised warrants
has significantly added to our treasury and puts us in a strong
financial position for 2021.”
The COVID-19 pandemic has presented significant challenges for
sales travel and demonstrations, as many hospitals, clinics and
businesses are not allowing outside guests. As COVID-19
restrictions ease in the coming months, the Company is anticipating
robust demand for the MiQLab. In anticipation of this demand, the
Company is now hiring additional sales representatives for the
veterinary and open-access markets, with a focus on adding sales
representatives in the West Coast, Northeast, and Midwest regions
of the United States.
Jeffrey Mitchell, LexaGene’s CFO states, “Not only has the
exercise of warrants over the last few months allowed the Company
to aggressively start adding to our direct sales force while
expanding territories, but also grants us the flexibility to add
additional staff required to support our FDA EUA submission.”
The Company continues to make progress in its efforts to submit
to the FDA for Emergency Use Authorization (EUA) for SARS-CoV-2
(COVID-19) testing. As is standard practice, until the FDA grants
LexaGene’s instrument EUA for COVID-19 testing, all work using
LexaGene instruments is classified as Research Use Only and cannot
be used for human clinical diagnostics. The Company is not making
any express or implied claims that its product has the ability to
eliminate, cure, or contain the COVID-19 (or SARS-2 Coronavirus) at
this time.
In addition, Dr. Regan has been invited to present at the
Inaugural Emerging Growth Virtual Conference, presented by M Vest
LLC and Maxim Group LLC. This conference will take place on March
17 and 18 from 9:00 am-5:00 pm EST. The Company will also be
presenting at the Benzinga Biotech Small Cap Conference
(https://www.benzinga.com/events/) on Thursday, March 25th.
To be added to the LexaGene email list, please subscribe on the
Company website.
On Behalf of the Board of DirectorsDr.
Jack ReganChief Executive Officer &
Chairman
About LexaGene Holdings Inc.LexaGene is a
molecular diagnostics company that develops molecular diagnostic
systems for pathogen detection and genetic testing for 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
MiQLab™ system delivers excellent sensitivity, specificity, and
breadth of detection and can return results in approximately one
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.
For further information, please contact:
Media ContactNicole RidgedaleDirector of
Corporate Marketing, LexaGene800.215.1824 ext
206nridgedale@lexagene.com
Investor RelationsJay 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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