LexaGene Grants Compensation Awards
BEVERLY, Mass., February 21, 2018 – LexaGene Holdings Inc. (OTCQB: LXXGF; TSX-V: LXG) (the “Company”), a biotechnology company that develops instrumentation for pathogen detection, announces that, pursuant to the Company’s Omnibus Incentive Plan, the Company granted on February 20th a total of 1,360,000 stock options and 1,475,000 restricted stock units (RSUs) to employees, officers and directors of the Company.
Dr. Jack Regan, LexaGene’s CEO states, “LexaGene is currently in a growth stage and is hiring key employees in all branches of the Company. The purpose of these awards is to help LexaGene recruit the best and the brightest to join our team.”
Each stock option is exercisable for one common share of the Corporation at an exercise price of $1.15 CAD per share, the closing price of the common shares on February 16, 2018, the grant date of the awards. The stock options vest at 10% after six months from the grant date, and 15% every six months thereafter, expiring on February 16, 2022. The trigger dates for the RSUs is 10% after six months from the grant date, and 15% every six months thereafter, expiring on February 16, 2022. The Options and RSUs have been granted in accordance with the terms of the Company’s current omnibus plan.
About LexaGene Holdings Inc.
LexaGene is a biotechnology company developing the very first fully automated pathogen detection platform that is open-access, the LX6. The open-access feature will empower end-users to target any pathogen of interest, as they can load their own real-time PCR assays onto the instrument for customized pathogen detection. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, and press ‘go’. The instrument is expected to offer excellent sensitivity, specificity, and breadth of pathogen detection. The instrument will be able to process six samples at a time, in an on-demand fashion, returning results in about 1 hour. The company expects to sell its technology in the food safety, veterinary diagnostics, water quality monitoring, and aquaculture pathogen surveillance markets.
On behalf of the Board of Directors “Dr. Jack Regan” Dr. Jack Regan, Chief Executive Officer and Director
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors — including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues — that could cause actual results to differ materially from the Company’s expectations as disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.