viewLexaGene Holdings Inc.

LexaGene Holdings reports biggest capital raise to date at C$6.64 million

The biotech issued 12,769,626 units - comprised of a share and a warrant - at a price of C$0.52 per unit

Lexagene Holdings Inc -
The company’s target is to use the proceeds for research, development and marketing as well as bring its genetic analyzer technology to market

LexaGene Holdings Inc (CVE:LXG) (OTCMKTS:LXXGF) has succeeded in raising C$6.64 million gross via its latest stock issue – its largest capital raise to date, bringing it closer to its goal of commercialization in 2020.

The company’s target is to use the proceeds for research, development and marketing as well as bring its genetic analyzer technology to market.

The biotechnology company issued 12,769,626 units at C$0.52 per unit, with each unit made up of a share as well as a purchase warrant. The warrant allows for the purchase of a single share at the price of C$0.75 per share until October 29, 2022.

READ: LexaGene is enabling faster, easier pathogen detection

The firm is getting ready to widely launch its LX2 Genetic Analyzer to the veterinary industry and other underserved markets valued at an estimated US$40 billion. The instrument is the first fully-automated pathogen detection platform for use in diagnostics and sample analysis.

Its key feature is its open access nature that allows end users to customize the instrument to target any pathogen of interest. The process is as simple as collecting a sample, loading it into the instrument using a preparation cartridge and pressing “go.” The instrument is able to process multiple samples at a time, returning results within around one hour.

Currently, the main markets being targeted by LexaGene are the vast and underserved veterinary health and food safety industries, but the customizable nature of the technology means that it is applicable to any type of diagnostic industry.

In late morning trade, LexaGene shares slipped 1% to hit C$0.50.

Quick facts: LexaGene Holdings Inc.

Price: 0.88 CAD

Market: TSX-V
Market Cap: $80.86 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of LexaGene Holdings Inc. named herein, including the promotion by the Company of LexaGene Holdings Inc. in any Content on the Site, the Company...



LexaGene hires two salespeople to tackle diagnostic and vet market with new...

LexaGene (CVE: LXG-OTCQB: LXXGF) CEO Dr Jack Regan joined Steve Darling from Proactive Vancouver with news the company has made two key sales hires as they look to begin to roll out their genetic analyzers for rapid pathogen detection called MiQLab. Regan says they are hiring in the...

4 weeks, 1 day ago

2 min read