NEW YORK (GenomeWeb) — LexaGene said today that it has closed an oversubscribed private placement, grossing C$2.8 million ($2.1 million).
Through the transaction, Beverly, Massachusetts-based LexaGene — which trades on the Toronto Stock Exchange — sold roughly 4.4 million units consisting of one common share and one warrant for C$.65 apiece. Each warrant can be used to purchase a common share of the company for C$.85 and is exercisable over the next 15 months, subject to certain conditions that trigger an accelerated expiry.
LexaGene said it intends to use the proceeds of the transaction to fund beta development of its LX Analyzer technology, which uses microfluidic PCR for pathogen detection, and for marketing the technology to the food safety and veterinary diagnostics industries.
LexaGene announced plans for the private placement earlier this month. Last summer, the firm closed a bought deal financing to raise C$5.8 million.