BEVERLY, Mass., Nov. 13, 2019 (GLOBE NEWSWIRE) -- 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.
Director of Corporate Marketing, LexaGene
800.215.1824 ext 206
Vice President of Capital Markets, LexaGene
800.215.1824 ext 207
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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.