LexaGene

The firm will use the funds to build inventory to meet anticipated demand, expand its sales and marketing efforts, and for general corporate purposes.

After validating its pathogen detection platform for multiple viruses, the firm aims to initially offer a point-of-care diagnostic testing panel by the third quarter.

The  firm will use the net proceeds for research and development, marketing, and general corporate purposes to help commercialize its LX Analyzer technology.

The company — which is based in the US and trades on the Toronto Stock Exchange — announced plans for the private placement earlier this month.

The company said it intends to use the proceeds of the placement to continue work on its microfluidic PCR-based platform for pathogen detection.