LexaGene Holdings Inc (CVE:LXG) (OTCMKTS:LXXGF) CEO Dr Jack Regan says the C$6.6 million financing that closed last month “puts the company in a very strong position to advance our commercial development goals” concerning its LX2 Genetic Analyzer.
In a statement released Wednesday, Regan said the company’s genetic analyzer for rapid pathogen detection and other molecular markers was successfully beta-tested during the summer and early fall.
“We’ve gone from being a company with a vision and R&D focus to carrying out beta testing, and now we’re ramping up for our commercial build,” he said.
Management is using these funds to expand the development team in the areas of mechanical, electrical, and software engineering to speed the company’s ability to evaluate and finalize different components for the commercial design of the LX2 Genetic Analyzer.
These components will enhance performance, lessen time-to-result, improve manufacturability and serviceability, as well as lower costs for the final commercial build.
The company also said its system engineers are actively making architectural improvements that will transition the beta design into commercial design. Once finalized, the company will begin manufacturing several pre-commercial units. This pilot build serves as a final check before manufacturing a more substantial inventory to meet anticipated market demand.
For this process, LexaGene said it will begin hiring manufacturing specialists and building out the sales team who will assume responsibility for managing the pre-commercial testing program, which is critical for building pre-sales and brand awareness.
Lastly, the company will be active at conferences and tradeshows in the upcoming months. LexaGene is currently attending a conference on countering weapons of mass destruction.
Bio-threat prevention continues to be an area of interest for LexaGene, given the unique advantage of the company’s open-access technology, which can be quickly configured to help identify novel pathogens to avert a pandemic, either natural (avian influenza) or as a consequence of bio-warfare (weaponized smallpox).
Recently, scientists and mathematicians have modeled that 33 million will likely perish in just six months’ time if a pathogen similar to the 1918 influenza pathogen were to strike again. To lessen the probability of such a threat, healthcare providers need a commercial near-patient system that can be rapidly configured to respond to novel threats, and LexaGene’s LX2 Genetic Analyzer is anticipated to fill this critical market need.
“LexaGene is on a solid pathway to commercialization in 2020. We are excited about the LX Analyzer technology, and as our beta program has shown, there is market readiness and strong demand,” Regan said.
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