BioMedNewsBreaks – LexaGene Holdings Inc. (TSX.V: LXG) (OTCQB: LXXGF) Reports Update in Shareholder Letter

Company: LexaGene Holdings Inc. (LXXGF)
Category: News

LexaGene Holdings (TSX.V: LXG) (OTCQB: LXXGF), a molecular diagnostics company that develops fully automated rapid pathogen detection systems, has provided a corporate update in a shareholder letter from LexaGene CEO and founder Dr. Jack Regan. In the letter, Regan reported that the company had crossed a major milestone by securing a sales contract in both the drug and vaccine manufacturing market and in the veterinary medicine space; both sales were the result of successful technology demonstrations, the letter noted. The company has also focused on ensuring consistency in microfluidic operations across MiQLab(TM) systems, Regan observed, noting that expectations have now been met and the company is ramping up manufacturing. The letter also reported that LexaGene has built 20 MiQLab systems, with plans and parts in hand or on order for another 70 systems if needed to meet demand. The company is also investing resources in supporting the veterinary diagnostics market and evaluating the open-access marke, specifically contract drug manufacturing organizations (“CDMOs”), pharmaceutical companies and cosmetic manufacturers. “Due to our increased confidence in the stability of our manufacturing process and very positive interactions with key opinion leaders in veterinary medicine and CDMOs, over the next six weeks, we anticipate hiring four to six sales representatives to improve our coverage across the United States,” said LexaGene CEO and founder Dr. Jack Regan in the letter. “In support of our sales staff, our marketing team continues to generate collateral needed to help the sales team educate prospective customers. . . . Over the last three months, we have made substantial progress on FDA requirements for software and hardware testing, which are pre-requisites to complete the COVID-19 EUA application. On the biology side, our preliminary limit-of-detection (LoD) tests for SARS-CoV-2 suggest the MiQLab sensitivity is competitive with the best point-of-care molecular systems on the market today. We plan to continue the additional work needed for the COVID-19 EUA application as soon as we complete the validation work necessary for the MiQLab’s software, signal processing algorithm, and microfluidic scripts.”

To view the full press release, visit https://ibn.fm/bWchu

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 onsite rapid testing in veterinary diagnostics and 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 the sample onto the instrument with a sample preparation cartridge, enter the 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 more information about the company, visit www.LexaGene.com.

NOTE TO INVESTORS: The latest news and updates relating to LXXGF are available in the company’s newsroom at https://ibn.fm/LXXGF

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