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BEVERLY, Mass., Nov. 15, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (OTCQB: LXXGF; TSX-V: LXG) (“LexaGene” or the “Company”), a molecular diagnostics company that has commercialized an instrument for automated multiplex PCR testing, today announced Dr. Jane Sykes, BVSc(Hons), PhD, MBA, DipACVIM (Small Animal Internal Medicine) has joined the LexaGene Board of Directors.
Dr. Sykes is the Executive Director of Innovation and Entrepreneurship, School of Veterinary Medicine at the University of California, Davis (UC Davis) and Professor of Small Animal Internal Medicine (Infectious Diseases). For more than 20 years, Dr. Sykes has held numerous positions at UC Davis including Chief Veterinary Medical Officer/Associate Dean of Veterinary Medical Center Operations, Director of Small Animal Clinical Services, and Infection Control Officer for the Veterinary Medical Teaching Hospital. She has also served as the Associate Editor for the Journal of Veterinary Internal Medicine and is currently volunteering her time as the incoming President for the American College of Veterinary Medicine (ACVIM). Dr. Sykes received her veterinary degree and PhD at the University of Melbourne and her MBA from the University of Georgia. She founded the International Society for Companion Animal Infectious Diseases (ISCAID) in 2006.
Dr. Jack Regan, LexaGene’s CEO and Founder stated, “Dr. Sykes an entrepreneurial leader, whose education and focus on animal care, including infectious diseases, will be a tremendous asset to our company, our science, and our future. Her deep experience, academic acumen, and veterinary perspective make her the perfect LexaGene champion. She will be an excellent resource and partner to our company as we continue to scale our business and make headway bringing in-clinic diagnostic PCR testing to veterinary practices across the country.”
Dr. Jane Sykes commented, “I’m excited to join LexaGene’s Board of Directors. I share Dr. Regan’s convictions and passion for point-of-care PCR testing and the passion for improving companion animal care as we roll out the MiQLab to the veterinary market. I’m thrilled to serve on LexaGene’s board of directors and work alongside the other board members as we improve shareholder value.”
Dr. Sykes board term began on November 8, 2021. Dr. Sykes replaces Dr. Manohar Furtado, who has taken on a new role for a Company that requires 100 percent of his time. Dr. Regan commented, “I’m extremely grateful for Manohar’s mentorship and his contributions to our board and to LexaGene. Manohar has been an excellent board member and I wish him the greatest success in his new endeavor.”
On November 10th, pursuant to the Company’s omnibus stock option plan, the Company announced that the board of directors granted Dr. Sykes 100,000 non-statutory stock options (NSOs) to acquire common shares of the Company with a strike price of CAD $0.66/NSO. Ten percent of these stock options vested on the grant date, with 15 percent vesting every six months thereafter. The expiry of the NSOs is on November 11th, 2031. In addition, the Company announced that the board of directors granted Dr. Sykes 100,000 restricted share units (RSUs). Ten percent of these RSUs will vest on May 11, 2023 with 10 percent vesting each month thereafter, expiring on February 11, 2024.
On Behalf of the Board of Directors
Dr. Jack Regan
Chief Executive Officer & Chairman
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 on-site rapid testing in veterinary diagnostics, 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 it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The MiQLab™ system delivers excellent sensitivity, specificity, and breadth of detection and can return results in approximately two hours. 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.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors -- including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues -- that could cause actual results to differ materially from the Company's expectations as disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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