LexaGene Announces Multi-System Purchase from a Corporate Veterinary Reference Laboratory

Rhea-AI Summary

LexaGene Holdings, a molecular diagnostics firm, announced the sale of three MiQLab Systems to a corporate veterinary reference lab, enhancing rapid pathogen detection in veterinary practices. The MiQLab System offers a 2-hour turnaround for identifying pathogens and drug resistance, significantly faster than traditional methods. Additionally, a unit was sold to a veterinary school in Florida, emphasizing the importance of evidence-based practices in veterinary education. LexaGene also joined AAHA's Strategic Alliance Program, highlighting its commitment to best-in-class veterinary care.

Positive

• Sale of 3 MiQLab Systems to a corporate veterinary lab, indicating strong demand.
• A unit sold to a veterinary school promotes early exposure of students to advanced diagnostics.
• Partnership with AAHA reflects commitment to high veterinary standards and potential market expansion.

Negative

• None.

BEVERLY, Mass., April 25, 2022 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (OTCQB: LXXGF; TSX-V: LXG) (“LexaGene” or the “Company”), a molecular diagnostics company that has commercialized an instrument for automated multiplex PCR testing, is pleased to announce a corporate veterinary reference laboratory has purchased 3 MiQLab® Systems for one of their many locations.

Dr. Jack Regan, LexaGene’s CEO and Founder stated, “Testing in the veterinary industry is dominated by three corporate companies that have testing locations across the United States. These multi-billion dollar corporations compete against each other for business from veterinary hospitals and clinics that want faster results than the typical 3 – 5 day wait for culturing bacteria. In contrast to culture, we are happy to provide the MiQLab System as a rapid 2-hour solution for determining whether pathogens are present in a sample and if they harbor drug resistance genes. We are confident their experience with our technology will be a good one. Success in this location may result in additional purchases for their other locations and possibly start a wave of adoption in the other corporations as well.”

In addition, LexaGene is pleased to announce that it has sold a MiQLab System to a university veterinary school in Florida to be used in their veterinary health lab. Dr. Regan went on to say, “We are pleased to place units into veterinary schools, where students are being taught the importance of evidence-based decision making and about the advantages of PCR for rapid pathogen identification. Having students, who as new graduates have the most risk of suffering from the consequences of poor antimicrobial stewardship practices, exposed to the advantages of the MiQLab System early in their training will pay dividends on future sales.”

He continued, “It is important for us that LexaGene’s name is associated with best-in-class care. To this end, LexaGene has become a Garnet Member of the American Animal Hospital Association’s (AAHA) Strategic Alliance Program. AAHA’s mission and vision is ‘simplifying the journey towards excellence for veterinary practices.’ AAHA is the only organization to accredit companion animal veterinary hospitals. To become AAHA accredited, practices undergo regular, comprehensive onsite evaluations by AAHA veterinary experts who evaluate each practice on more than 900 standards of veterinary care. Today, more than 4,500 practice teams (about 15% of veterinary practices in the United States and Canada) are AAHA accredited or pre-accredited. AAHA is very passionate about antimicrobial stewardship, and we have recently engaged with AAHA for a market research survey – and found that 60% of the 165 respondents would purchase a technology that can provide rapid in-clinic testing for many pathogens and resistance markers. It is our belief that additional field-validation of our technology, which will be facilitated by our recent advancements to our sample preparation cartridge, will provide the data necessary to see an increase in the rate of our sales.”

To learn more about LexaGene and the MiQLab System or subscribe to company updates, visit www.lexagene.com, or follow us on Twitter or LinkedIn.

For inquiries: 800.215.1824 | ir@lexagene.com or info@lexagene.com

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 two hours. 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.

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.

FAQ

What recent sales did LexaGene Holdings make for the MiQLab System?

LexaGene Holdings recently sold three MiQLab Systems to a corporate veterinary reference lab and one system to a university veterinary school in Florida.

How does the MiQLab System improve veterinary diagnostics?

The MiQLab System provides rapid 2-hour testing for pathogen identification, significantly reducing the wait time compared to traditional culture methods.

What is LexaGene's relationship with the American Animal Hospital Association?

LexaGene has become a Garnet Member of the AAHA's Strategic Alliance Program, emphasizing its commitment to quality veterinary care and antimicrobial stewardship.

What benefits does the MiQLab System offer for veterinary education?

The MiQLab System's use in veterinary schools helps students learn about rapid pathogen identification and the importance of antimicrobial stewardship.