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LexaGene Closes C$6.6M Financing Round

NEW YORK – LexaGene said today that it has closed a previously announced financing round, grossing C$6.7 million (US$5.1 million).

The Beverly, Massachusetts-based firm, which trades on the Toronto Stock Exchange, will use the net proceeds for research and development, marketing, and general corporate purposes to support commercialization efforts of its LX Analyzer technology, which uses microfluidic PCR for pathogen detection. 

LexaGene said it sold 12,769,626 units at an offering of C$.52 per unit. Each unit consisted of one common share and one common share purchase warrant, entitling the holder to acquire a share at a price of C$.75 per common share until Oct. 29, 2022. 

The financing round was conducted by Industrial Alliance Securities, which LexaGene issued an aggregate of 735,229 broker warrants. Each broker warrant entitles the holder to purchase one share at the price of C$.52 per share until Oct. 29, 2022.

"We would like to thank our current shareholders for their continued support, and we welcome our new retail and institutional shareholders to LexaGene with this raise," LexaGene CEO Jack Regan said in a statement. 

LexaGene previously completed a C$2.8M private placement in March. 

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