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LexaGene Holdings Inc. (LXG.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.5500+0.0200 (+3.77%)
As of 10:38AM EDT. Market open.
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Previous Close0.5300
Open0.5300
Bid0.5500 x 0
Ask0.5600 x 0
Day's Range0.5300 - 0.5600
52 Week Range0.5100 - 1.5400
Volume31,085
Avg. Volume207,001
Market Cap62.899M
Beta (5Y Monthly)2.15
PE Ratio (TTM)N/A
EPS (TTM)-0.1150
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • LexaGene Expands its Sales Team
    GlobeNewswire

    LexaGene Expands its Sales Team

    BEVERLY, Mass., May 11, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics company that develops fully automated rapid pathogen detection systems, is pleased to announce the hiring of four additional sales representatives, including three for the veterinary market and one for the contract drug manufacturing market. Dr. Jack Regan, LexaGene’s CEO and Founder states, “We are excited to have recruited very talented and experienced sales representatives from some of the biggest names in veterinary healthcare. Our new sales representatives have universally expressed optimism about selling LexaGene’s technology into veterinary hospitals, and the same is true for our sales representative targeting contract drug manufacturing organizations. Our rapidly growing sales team is now undergoing LexaGene specific training and will soon be offering incentives for early adopters so we can quickly expand our installation base.” Dr. Regan continues, “We are focusing on the veterinary market as we see it as a largely untapped market. There are 77M dogs and 58M cats in the United States,1 and many pet owners spare no expense on caring for their animal companions. The overall size of the veterinary diagnostics market is expected to soon reach $4B and is growing at a compound annual growth rate “CAGR” of 8.8%.2 Currently, there are 18,600 private practice veterinary clinics that see enough animals per day to be target customers for LexaGene.3,4” Feedback from key opinion leaders has boosted the Company’s confidence that the MiQLab™ system will become a powerful tool for veterinarians interested in rapid in-clinic diagnostics to improve patient care. The MiQLab represents a change in business model for veterinarians who currently rely on reference laboratories for infectious disease testing. Instead of shipping samples out and waiting days for results, the MiQLab generates results, inside the clinic, soon after the patient sample has been collected. This drastic improvement in time-to-result, particularly when antibiotic resistant superbugs are detected, is expected to improve prescription practices and lead to better patient outcomes. Jeff Mitchell, LexaGene’s CFO, adds, “We are anticipating strong demand in veterinary diagnostics and have strategically hired additional sales managers to more effectively cover the United States. Although new technology adoption does take time, we are very optimistic that a significant percentage of the targeted practices will soon become LexaGene customers. While searching for additional sales managers, we were excited and gratified to see the amount of interest from many seasoned sales professionals working for the largest animal health companies in the United States.” From a very talented pool of candidates, the Company has hired the following sales managers for veterinary diagnostics sales and open-access sales: Julie Griggs is LexaGene’s West Regional Sales Manager. She has 18 years of experience in companion animal health and comes to LexaGene from Antech Diagnostics. Previously, she worked for Covetrus, Zoetis, Banfield, Village Animal Clinic, and Sunburst Animal Clinic. Julie is a Certified Veterinary Technician. Kara Alkire is LexaGene’s Southeast Regional Sales Manager. She has 15 years of sales experience in companion animal health and comes to LexaGene from Bayer Animal Health / Elanco. Previously, she worked at Heska selling companion animal health products. Kara has a Bachelor of Science in Biology with a Minor in Chemistry from the College of Charleston, SC. Whitney Fernandes is LexaGene’s Northeast Regional Sales Manager. She has 8 years of sales experience in companion animal health and equine. She comes to LexaGene from American Regent Animal Health and previously worked at Smartpak Equine. Whitney is a certified pharmacy technician and has a Bachelor of Science in Business Management from the University of Massachusetts. Chris Bartlett is LexaGene’s Open-Access Sales Manager. He has 20 years of experience specializing in the sale of capital equipment technologies for laboratory, diagnostic, and single use bioprocessing applications. Chris comes to LexaGene from Refine Technology and has a Bachelor of Science degree in Microbiology from North Carolina State University. These highly talented sales managers join Sarah Mumbower, LexaGene’s Midwest Regional Sales Manager. Sarah has 5 years’ experience in companion animal health and came to LexaGene in 2020 from IDEXX. She is a Certified Veterinary Technician. In addition, LexaGene is announcing that on May 11, 2021, the board of directors approved inducement grants in accordance with the Company’s Omnibus Incentive Plan (the “Plan”) for independent, non-executive directors totaling 396,000 restricted share units (“RSUs”) and 396,000 share options (“Options”). The sum covers an initial grant for LexaGene’s newest board member who joined in February, as well as annual grants for the other three independent non-executive directors. Each Option is exercisable into one common share of the Company (“Share”) at a price of CAD$0.66 per Share, for a period of ten years from the date of grant. The CAD$0.66 per share was 120% above the close price of the Company’s stock on the TSX Venture Exchange on May 10, 2021. The Options vest 10% on the grant date, and 15% every six months thereafter with an expiry date of May 11, 2031. The RSUs start vesting on May 11, 2023, in equal 10% increments on the 11th day of each month thereafter expiring on February 11, 2024. To be added to the LexaGene email list, please subscribe on the Company website. On Behalf of the Board of DirectorsDr. Jack ReganChief 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. ________________________ 1 https://www.avma.org/resources-tools/reports-statistics/us-pet-ownership-statistics2 https://www.marketsandmarkets.com/Market-Reports/veterinary-diagnostics-market-26017452.html?gclid=EAIaIQobChMI2duon7Oy7AIVohx9Ch0vAAHoEAAYASAAEgLbwPD_BwE3 U.S. Department of Labor, Census Bureau 20184 https://www.avma.org/sites/default/files/resources/2018-econ-rpt3-veterinary-services.pdf

  • LexaGene Hosts a Seminar to Present MiQLab Data from Veterinary Samples
    GlobeNewswire

    LexaGene Hosts a Seminar to Present MiQLab Data from Veterinary Samples

    MiQLab is sensitive enough to detect the vast majority of clinical infections caused by target organisms~100% positive percent agreement with culture data on processed canine urine samples~99% negative percent agreement with culture data on processed canine urine samples~99% overall percent agreement with culture data on processed canine urine samplesDetected Staphylococcus in 21 of 23 (91%) specimens from skin infections in a correlation studyDetected the mecA gene in 8 of 9 (89%) specimens that contained methicillin resistant StaphylococcusQuantitative data on par with culture (r2 ~0.95) BEVERLY, Mass., April 14, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics company that develops fully automated rapid pathogen detection systems, is pleased to host a private event for a select group of veterinarians that will feature keynote speaker Dr. Shelley Rankin, Professor of Microbiology at the University of Pennsylvania’s School of Veterinary Medicine (Penn Vet), who will present data on her experience using LexaGene’s MiQLab to detect Staphylococcus in specimens collected from canine skin infections. In addition, Dr. Jack Regan, LexaGene’s CEO and Founder, will provide some introductory remarks on the use of molecular diagnostics in veterinary medicine and present some analytical and clinical data generated using LexaGene’s MiQLab system. Any information thought to be of material nature for this seminar is described below. To demonstrate the performance of LexaGene’s MiQLab to detect common bacterial pathogens encountered in veterinary medicine, Dr. Rankin and LexaGene teamed up to perform a series of analytical and clinical studies. For the analytical studies and clinical urine study, MiQLabs were equipped with LexaGene’s MiQLab™ Bacterial and AMR Test, which screens samples for 7 of the most common bacterial pathogens found in companion animals, as well as 13 different antimicrobial resistance factors. Dr. Rankin’s evaluation focused on skin and soft tissue infections in dogs, which are commonly caused by Staphylococcus pseudintermedius (SP) and Staphylococcus schleiferi (SS). Treating these infections using empiric therapy is a challenge because it has been shown that up to 59% of SP isolates from canine pyoderma can harbor the mecA gene, which confers resistance to all beta-lactam drugs.1 Rapid in-clinic molecular diagnostics that can detect Staphylococcus and the presence of the mecA gene will, in most cases, allow veterinarians to prescribe an appropriate antibiotic. It is well known that antibiotic use can contribute to the problem of drug resistance in bacteria and inappropriate use of antibiotics is highly discouraged in veterinary medicine. For that reason, it is very important to know quickly if the mecA gene is present in the Staphylococcus species causing the infection. For this study, 23 skin specimens, that were confirmed by culture to contain SP or SS, were tested with the MiQLab. Staphylococcus was detected in 21 of these specimens (91%). Similarly, antimicrobial susceptibility testing showed the MiQLab detected the mecA gene in 8 of 9 (89%) of the Staphylococcus isolates that were cultured and found to be resistant to methicillin. These data signify that veterinarians using MiQLab in their clinic can prescribe therapy with confidence based on genetic analysis. This will improve clinical outcomes and minimize the development of drug resistant bacteria. Dr. Rankin comments, “LexaGene’s MiQLab returns a molecular analysis on specimens in a fraction of the time it takes for culture to return results. As a result, veterinarians using MiQLab can rule-out, or rule-in, infection and therefore offer pet owners evidence-based treatment decisions for their pets on the same day of the clinical appointment. In this day and age, when antibiotic resistance is common in many veterinary pathogens, veterinarians are looking for new technologies to minimize the use of unnecessary or non-efficacious antibiotics and improve patient outcomes.” LexaGene’s staff completed a second clinical study that focused on detecting the pathogens responsible for urinary tract infections in cats and dogs. For this study, 51 frozen canine urine samples (25 positive and 26 negative samples) that were previously tested by culture were processed on MiQLab. Six different pathogens were detected from the processed samples, including 14 E. coli, 7 Staphylococcus, 5 Enterococcus, 3 Streptococcus, and 1 Enterobacter. Three of the samples contained antimicrobial resistance factors. The MiQLab test results had a positive percent agreement of 100% (95% CI: 88.7% - 100%), negative percent agreement of 98.5% (95% CI: 96.5% - 99.3%) and overall percent agreement of 98.6% (95% CI: 96.8% - 99.40%), with culture. LexaGene’s staff also completed two analytical studies. The first was performed to determine the MiQLab’s limit of detection (LoD) for the most common pathogen responsible for urinary tract infections in cats and dogs, namely Escherichia coli. In this study, a total of 28 samples were processed on four different MiQLabs and the LoD was determined to be 1x104 colony forming units per milliliter (cfu/mL) for E. coli. This LoD is low enough to detect the vast majority of infections considered to be clinically relevant.2 Furthermore, these data can be quickly generated inside the clinic, avoiding the 24 hr+ time it takes to get results back when samples are shipped to a reference laboratory for testing. The second analytical study looked to provide insight into how the semi-quantitative nature of the MiQLab correlates to the cfu measurements reported when samples are cultured. For this study, E. coli and Proteus mirabilis samples were tested in 5-point log-scale dilution series from 5x103 to 7x108 cfu/mL. MiQLab generated Cycle of Quantification (Cq) values were correlated to culture cfu/mL counts and fit to a linear curve, and the calculated regression coefficients (r2) were found to be 0.96 and 0.94, respectively for E. coli and P. mirabilis. These data signify that the Cq values reported by the MiQLab correlate extremely well with the cfu/mL counts provided from traditional culture methods, which can be useful for tracking whether an administered antibiotic is having the desired effect. Dr. Jack Regan concludes, “Our goal has always been to have the MiQLab generate high quality data inside veterinary clinics where veterinarians can use this data to guide treatment decisions. These data prove we have achieved this goal. Our sales team will be using these data to secure sales in the veterinary market, which has relatively few options for quality in-hospital pathogen testing.” To be added to the LexaGene email list, please subscribe on the Company website. On Behalf of the Board of DirectorsDr. Jack ReganChief 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 one hour. 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. 1 Lynch SA, Helbig KJ. The Complex Diseases of Staphylococcus pseudintermedius in Canines: Where to Next?. Vet Sci. 2021;8(1):11. Published 2021 Jan 18. doi:10.3390/vetsci80100112 Weese, J.S., Blondeau, J.M., Boothe, D. et al. Antimicrobial use guidelines for treatment of urinary tract disease in dogs and cats: antimicrobial guidelines working group of the international society for companion animal infectious diseases. Veterinary Record 2011. doi: 10.4061/2011/26376

  • LexaGene’s Provides Corporate Update
    GlobeNewswire

    LexaGene’s Provides Corporate Update

    BEVERLY, Mass., April 01, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics company that develops fully automated rapid pathogen detection systems, is pleased to provide a corporate update from LexaGene’s CEO and Founder Dr. Jack Regan. Dear shareholders and other interested parties, In late 2020, the Company crossed a major milestone by securing sales in the contract drug and vaccine manufacturing market and in veterinary medicine. Both sales were the result of successful technology demonstrations. As we scaled up manufacturing in late 2020 and early 2021, we spent considerable efforts ensuring consistency in microfluidic operations across MiQLab™ systems. Now that we have reached our expectations for consistency, we are again ramping up manufacturing. As of today, we have built 20 MiQLab systems and have enough parts in-house or on order to build an additional 70 systems. Through a partnership with an FDA-compliant contract manufacturer, we have the capacity to rapidly scale the manufacturing of our consumables to meet demand. We continue to invest resources in supporting the veterinary diagnostics market, where we are designing and validating new assays that will help veterinarians better detect disease-causing pathogens and antimicrobial resistance markers to make evidence-based treatment decisions. I am happy to report that on April 14th, we will be hosting a seminar for a select group of veterinarians, during which a key opinion leader who is using our technology will present on collected data. We anticipate providing further details via a press release on the morning of the seminar. The open-access market continues to be a focus for us, specifically contract drug manufacturing organizations (CDMOs), pharmaceutical companies, and cosmetic manufacturers. We are aggressively developing new tests for these industries that will further increase the value of our product as a quality control tool to help keep vaccines, biologics, and consumer products safe. Due to our increased confidence in the stability of our manufacturing process and very positive interactions with key opinion leaders in veterinary medicine and CDMOs, over the next six weeks, we anticipate hiring 4 – 6 sales representatives to improve our coverage across the United States. In support of our sales staff, our marketing team continues to generate collateral needed to help the sales team educate prospective customers. A video on the MiQLab user workflow was recently completed and can be viewed on the company website at https://lexagene.com/miqlab-training-video/. Over the last three months, we have made substantial progress on FDA requirements for software and hardware testing which are pre-requisites to complete the COVID-19 EUA application. On the biology side, our preliminary limit-of-detection (LoD) tests for SARS-CoV-2 suggest the MiQLab sensitivity is competitive with the best point-of-care molecular systems on the market today. We plan to continue the additional work needed for the COVID-19 EUA application as soon as we complete the validation work necessary for the MiQLab’s software, signal processing algorithm, and microfluidic scripts. The FDA study involves multiple additional analytical studies, which we need to complete prior to starting the point-of-care clinical study. At this time, it is difficult to predict the length of time we will need to complete this work. As is standard practice, until the FDA grants LexaGene’s instrument EUA for COVID-19 testing, all work using LexaGene instruments is classified as Research Use Only and cannot be used for human clinical diagnostics. To date, there is no FDA approved device that is designed for point-of-care usage and is open-access. The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time. Thank you for your continued support. To be added to the LexaGene email list, please subscribe on the Company website. On Behalf of the Board of DirectorsDr. Jack ReganChief 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 one hour. 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. For further information, please contact: Media ContactNicole RidgedaleDirector of Corporate Marketing, LexaGene800.215.1824 ext 206nridgedale@lexagene.com Investor RelationsJay AdelaarVice President of Capital Markets, LexaGene800.215.1824 ext 207jadelaar@lexagene.com 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.