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viewLexaGene Holdings Inc.

LexaGene has a disruptive technology that meets critical needs of underserved markets

Snapshot

The firm will soon start manufacturing its flagship LX Genetic Analyzer for rapid pathogen detection, with an anticipated commercial launch in 2020

pathogen

Quick facts: LexaGene Holdings Inc.

Price: 0.84 CAD

TSX-V:LXG
Market: TSX-V
Market Cap: $95.52 m
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  • Transforming traditional pathogen detection through its patented platform
  • Targeting vast and underserved multi-billion-dollar markets
  • Open access nature of instrument allows end-users to customize it to target any pathogen of interest, including novel coronavirus

What LexaGene does:

LexaGene Holdings Inc (CVE:LXG) (OTCMKTS:LXXGF) is a biotechnology company that is pioneering the first fully-automated pathogen detection platform for use in diagnostics and sample analysis.

The key feature is the open-access nature of the instrument 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.

CEO Jack Regan developed LexaGene’s patented microfluidic system. Regan was a lead scientist in developing another instrument designed for bio-warfare surveillance used by the US Department of Homeland Security, and a device for detecting respiratory pathogens from nasal swab samples.

Currently, most pathogen detection is done through cultures, which can be time-consuming and require special conditions in order to deliver accurate results. Take food safety as an example: if a pathogen is destroying crops, a difference of hours or days for results can represent millions of dollars in lost revenue.

Armed with promising study results and proven technology, LexaGene is getting ready to launch the LX2 Genetic Analyzer to underserved markets valued at an estimated US$40 billion.

How is it doing:

LexaGene is working on finalizing the design of its commercial unit and will soon start manufacturing its flagship LX Genetic Analyzer for rapid pathogen detection, with an anticipated commercial launch by 3Q 2020.

The LX2 Analyzer is designed for non-technical workers to use easily, whereas most instruments currently on the market require a skilled molecular biologist to operate the system. The flow-through instrument processes large sample volumes to increase the chance of detecting very rare pathogens. It also comes at a low cost per test, as the instrument uses reagents stored in bulk reservoirs instead of cartridges with pre-embedded reagents.

Its genetic analyzer technology successfully detected 100% of target superbug strains in new testing. 

The successful tests are especially important as antibiotic-resistant bugs are typically identified at reference laboratories with a multiple-day turnaround time. LexaGene’s genetic analyzers were able to pinpoint superbugs within one hour.

It also recently announced that its LX Analyzer successfully detected coronavirus RNA using the Centers for Disease Control and Prevention’s tests. The firm is accelerating the submission of its LX Analyzer to the US Food and Drug Administration as the coronavirus outbreak expands.

Inflection points:

  • Continue Beta LX2 testing and publish data
  • Build sales funnel by expanding beta program to others in vet, food and open-access markets
  • Make key sales and marketing hires
  • Select contract manufacturer
  • Formalize first commercial agreements with clients
  • Start selling first commercial LX2 product

What the boss says:

As the world grapples with the coronavirus outbreak, LexaGene’s LX Genetic Analyzer could emerge as a major instrument in facilitating quick diagnoses, CEO Jack Regan recently told Proactive.

“We need to have instrumentation in the field that is automated and can accept new tests designed by the CDC or other vendors and very rapidly – at the point of need – determine whether or not the person presenting with symptoms in fact does have this novel disease,” Regan said.

“This is exactly the solution that Lexagene has developed – an easy to use genetic pathogen detection system that reports results in about an hour’s time. It’s ideally suited for cases like this.”

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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LexaGene announces first contract for MiQLab system by major biotech company

LexaGene (CVE: LXG-OTCQB: LXXGF) CEO Dr. Jack Regan joined Steve Darling from Proactive to bring news the company has received a purchase order for the MiQLab system from a multinational biotechnology company that generates billions in annual revenue. Regan says this company was looking...

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