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LexaGene Plans C$2M Private Placement

NEW YORK (GenomeWeb) — LexaGene announced today that it is planning a non-brokered private placement of up to roughly C$2 million ($1.5 million) worth of stock and warrants.

Beverly, Massachusetts-based LexaGene — which trades on the Toronto Stock Exchange — said it will offer up to 3 million units at C$.65 apiece. Each unit will consist of one common share and a warrant to purchase one common share at C$.85 for a period of 15 months from the date the unit was issued.

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.

In July, LexaGene closed a bought deal financing to raise C$5.8 million. It also disclosed that it is evaluating its technology for use in cancer diagnostic sample preparation.

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