Skip to main content
Premium Trial:

Request an Annual Quote

LexaGene Raises C$5.8M in Stock Offering

NEW YORK (GenomeWeb) – LexaGene said today that it has raised about C$5.8 million ($4.6 million) in a bought deal stock offering to underwriters led by Canaccord Genuity.

Earlier this week the company announced a deal in which underwriters agreed to purchase a total of 4.4 million units of the company's stock at a price of C$1.15 per unit for aggregate gross proceeds to Lexagene of just over C$5.0 million.

LexaGene also granted underwriters a 30-day option to purchase up to an additional 654,000 shares at a price of $1.15 per unit, exercisable at any time. The offering is expected to close on Dec. 19.

Today the company said that due to strong demand it ended the opening day with a raise of C$5.75 Million, as Canaccord used its option to increase the amount of the deal by 15 percent.

LexaGene, which trades over the counter and on the Toronto Stock Exchange, will use the net proceeds to advance commercialization and accelerate the deployment of its microfluidic technology, and for working capital purposes, including financing its international expansion.

The company is targeting the food safety and veterinary diagnostic markets with its technology, which comprises single-use disposable microfluidic cartridges to collect and purify genetic material from samples, as well as a dedicated instrument that performs molecular analysis on the samples. By binding broken strands of genetic material to silica beads and Taq-polymerase, LexaGene's device produces a complete PCR reaction and identifies pathogens in the liquid sample.

Earlier this year, LexaGene closed a C$2 million non-brokered private placement of common stock.

The Scan

Foxtail Millet Pangenome, Graph-Based Reference Genome

Researchers in Nature Genetics described their generation of a foxtail millet pangenome, which they say can help in crop trait improvement.

Protein Length Distribution Consistent Across Species

An analysis in Genome Biology compares the lengths of proteins across more than 2,300 species, finding similar length distributions.

Novel Genetic Loci Linked to Insulin Resistance in New Study

A team reports in Nature Genetics that it used glucose challenge test data to home in on candidate genes involved in GLUT4 expression or trafficking.

RNA Editing in Octopuses Seems to Help Acclimation to Shifts in Water Temperature

A paper in Cell reports that octopuses use RNA editing to help them adjust to different water temperatures.