NEW YORK – LexaGene said today that it has closed a previously announced financing round, grossing C$13.3 million (US$10.1 million).
The Beverly, Massachusetts-based firm, which trades on the Toronto Stock Exchange, will use the funds to build inventory to meet anticipated demand, expand its sales and marketing efforts, and for general corporate purposes. The firm is developing its LX Analyzer technology, which applies microfluidic PCR for pathogen detection such as the SARS-CoV-2 virus.
LexaGene said it sold 15,640,000 units at an offering price of C$.85 per unit. Each unit consisted of one common share and one-half of one common share purchase warrant, entitling the holder to acquire one share at the price of C$1.10 per share until Sept. 9, 2023.
Canaccord Genuity and Industrial Alliance Securities served as underwriters for the offering. LexaGene issued the underwriters an aggregate of 1,094,800 brokerage warrants. Each broker warrant entitles the holder to purchase one share at the price of C$1.10 per share until Sept. 9, 2023.
"This financing will allow us to complete the transformation of going from strictly an R&D company to one that is supporting manufacturing and sales," Jack Regan, CEO and founder of LexaGene, said in a statement. "This is a very exciting time to be part of LexaGene as we look to make an impact on multiple market verticals."
LexaGene previously completed a C$6.6 million financing round last October.