LexaGene Receives $3.6M from the Exercise of Warrants
LexaGene Holdings has raised approximately $3.6M CAD ($2.9M USD) from warrant exercises since the start of 2021. CEO Dr. Jack Regan reported that commercial sales and favorable outlook have positively impacted share prices. As COVID-19 restrictions ease, demand for the MiQLab is expected to rise, prompting hiring of additional sales reps in several U.S. regions. The company is also advancing its FDA EUA submission for COVID-19 testing, although its instruments are currently classified for research use only.
- Raised approximately $3.6M CAD ($2.9M USD) through warrant exercises.
- Positive share price appreciation due to first commercial sales and outlook for 2021.
- Hiring additional sales representatives to support market demand.
- Progressing towards FDA Emergency Use Authorization (EUA) for COVID-19 testing.
- Sales travel challenges due to ongoing COVID-19 restrictions.
- Instruments currently classified for Research Use Only until EUA is granted.
BEVERLY, Mass., March 02, 2021 (GLOBE NEWSWIRE) -- 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
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.
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On Behalf of the Board of Directors
Dr. Jack Regan
Chief 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 Contact
Nicole Ridgedale
Director of Corporate Marketing, LexaGene
800.215.1824 ext 206
nridgedale@lexagene.com
Investor Relations
Jay Adelaar
Vice President of Capital Markets, LexaGene
800.215.1824 ext 207
jadelaar@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.
FAQ
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