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.
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.