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LexaGene has officially ceased operations and filed for Chapter 7 bankruptcy as of February 24, 2023. The company, along with its subsidiaries, will undergo liquidation proceedings, managed by a bankruptcy trustee, to distribute its assets. CEO Dr. Jack Regan cited an inability to secure necessary funding and challenges in market adoption as primary reasons for this decision. The filing suggests that creditor claims are likely to exceed any liquidation proceeds, leaving shareholders with minimal prospects for recovery. The company's stock will remain listed on the TSX Venture Exchange, with the board intact during the proceedings.
LexaGene Holdings, a molecular diagnostics company, announced advancements in the adoption of its MiQLab System for routine testing in biopharmaceutical manufacturing. CEO Dr. Jack Regan stated they are collaborating with a biopharma customer with a market cap over $100B and a CDMO with a market cap exceeding $40B, both recognizing the system's value. The company aims to penetrate the manufacturing space, which could yield approximately $5M annually per plant, tapping into a $10B testing market. Upcoming presentations at major industry conferences are expected to enhance brand awareness and promote wider adoption.
LexaGene Holdings, Inc. (OTCQB: LXXGF) has announced a significant advancement with its MiQLab System, achieving approximately 500X improvement in sensitivity for detecting Mycoplasma contamination. Dr. Jack Regan, CEO, reported this milestone during a follow-on feasibility study with a biopharma customer, leading to enhanced detection capabilities in Mycoplasma that commonly affects laboratory cultures. The system's rapid detection could mitigate risks during critical production phases, ensuring safety and compliance in biopharmaceutical manufacturing. Ongoing discussions are underway with the customer regarding future steps.
LexaGene Holdings announces a new statement of work (SOW) with a major biopharma company to enhance the sensitivity of its MiQLab System for detecting microbial contaminants, focusing on Mycoplasma. This follows a prior successful SOW and aims to integrate predictive analysis and factory standard curves into their software. Additionally, LexaGene has canceled plans to reprice warrants held by Meridian LGH Holdings, citing shareholder concerns about potential stock appreciation limitations. LexaGene is actively seeking alternative financing methods.
LexaGene Holdings, Inc. (OTCQB: LXXGF) announced plans to amend the exercise price of 18,500,000 common share purchase Warrants originally issued in February 2022. The exercise price will decrease from CAD$0.45 to CAD$0.23 per Common Share. These Warrants will also have an accelerated expiry of 30 days if the Common Share price exceeds CAD$0.288 for ten consecutive trading days. All other terms remain unchanged, pending TSX Venture Exchange approval and Meridian's consent.
LexaGene Holdings, Inc. (OTCQB: LXXGF) has completed a validation study for its MiQLab System with a major biopharma company. The study confirmed the system's sensitivity, reliability, and compatibility with manufacturing processes, providing rapid detection of contaminants. CEO Dr. Jack Regan expressed satisfaction with the study's quick completion and data quality, emphasizing the opportunity for broader adoption of the MiQLab System in biopharma manufacturing. The study primarily took place at LexaGene, leveraging proprietary materials from the biopharma client.
LexaGene Holdings has issued a 12% secured convertible note worth up to USD $1,600,000 to Meridian LGH Holdings 2, LLC, an insider affiliate. The note matures on March 1, 2023, and is backed by the assets of LexaGene and guaranteed by its subsidiaries. The securities related to the note have not been registered under U.S. Securities laws, restricting their offer and sale. LexaGene specializes in molecular diagnostics, particularly through its MiQLab System, which provides on-site pathogen detection.
LexaGene Holdings, Inc. (OTCQB: LXXGF) announced a statement of work with a biopharma company that recently purchased its MiQLab® System for automated genetic testing. The technology validation study aims to provide critical data within weeks, potentially facilitating adoption for in-process testing. If successful, this could generate millions in annual revenue for LexaGene from a single manufacturing plant. Dr. Jack Regan emphasized that automated testing could minimize contamination risks, which are costly in biopharma manufacturing.
LexaGene Holdings, Inc. (OTCQB: LXXGF) has announced a significant milestone with a major biopharma company expressing intent to purchase its MiQLab System for automated genetic testing. CEO Dr. Jack Regan highlighted a signed quote for the system and the potential for assisting the biopharma firm in validating the technology. This sale could lead to multiple units being purchased, reflective of a promising market where contamination testing is projected to be a $10B opportunity. The MiQLab System offers faster results in hours, enhancing testing efficiency compared to traditional methods.
LexaGene Holdings has entered a purchase agreement with a veterinary hospital in southern California, marking its first sale of the MiQLab System for automated genetic testing. CEO Dr. Jack Regan expressed optimism about leveraging momentum from a recent webinar on diagnosing urinary tract infections using this system. The company will exhibit at upcoming veterinary conferences in Texas and Tennessee, aiming to raise awareness and drive sales.
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