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LexaGene Closes C$2M Private Placement

NEW YORK (GenomeWeb) – Canadian firm LexaGene Holdings said today that it has closed a non-brokered private placement under which it raised gross proceeds of about C$2 million ($1.5 million).

The company sold 6.7 million units of common stock at C$.30 per unit. Each unit consisted of one common share and one common share purchase warrant, which entitles the holder to acquire an additional common share for C$.60 per share within a three-year period. 

LexaGene said it intends to use the proceeds mainly to complete the development of its prototype pathogen detection platform, noting that the platform will be the first fully automated, open-access pathogen detection tool that allows end-users to target any pathogen of interest, load their own real-time PCR assays onto the instrument, and analyze samples with a simple cartridge system.

The platform, aimed at the food safety, veterinary diagnostics, water quality monitoring, and aquaculture markets, is expected to be able to process six samples at a time, returning results in about one hour.

The rest of the proceeds will be used for working capital.

All securities issued pursuant to the company's newly-closed offering are subject to a hold period expiring on July 14, LexaGene added.