NEW YORK (GenomeWeb) – LexaGene announced today that it has entered an agreement with a group of underwriters led by Canaccord Genuity to purchase up to 5 million units of stock at a price of $1.00 per unit, for gross proceeds of C$5.0 million ($3.7 million).
Each unit will consist of one common share of the company and one half of one common share purchase warrant, with each share entitling the holder to acquire one share at a price of C$1.30 until June 22, 2021.
LexaGene has also granted underwriters a 30-day option to purchase up to an additional 750,000 shares at a price of $1.00 per unit, exercisable at any time. The offering is expected to close on July 11, 2018.
LexaGene, which trades over the counter and on the Toronto Stock Exchange, plans to use the net proceeds to advance commercialization of its microfluidic technology and for general corporate purposes. The company is currently targeting the food safety and veterinary diagnostic markets with its technology.
Earlier this month, LexaGene announced that it has partnered with Texas A&M to test canine urine samples on the firm's LX6 prototype pathogen detection instrument. LexaGene has also partnered with Stanford University to use the university's cancer sequencing technology in combination with the firm's microfluidic instrument.