LexaGene Hires First Direct Sales Executives
and announces exercise of warrants
BEVERLY, Mass. USA – July 14, 2020 – LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics company that develops genetic analyzers for rapid pathogen detection, is pleased to announce the hiring of its first wave of salespeople to support the commercial launch of MiQLab™ prior to the end of September 2020.
Dr. Jack Regan, LexaGene’s CEO and Founder, states, “To start, we’ve hired a Director of Clinical Sales and a Veterinary Sales Representative. Both have a wealth of experience in their respective fields and will begin working full time for LexaGene. We will continue to hire additional salespeople later in the summer and early fall. It’s very exciting to be at the stage where our first sales are right around the corner.”
Our Director of Clinical Sales has worked in the industry for over 15 years at Alere Inc. and Cepheid, selling PCR systems for point-of-care testing and molecular tests for respiratory disease detection and sexually transmitted diseases such as HIV, chlamydia, and gonorrhea. In 2017, Alere was acquired by Abbott Laboratories for $5.3B1. In 2016, Cepheid was acquired by Danaher Corporation for $4B2.
Our Veterinary Sales Specialist has worked within the veterinary industry for the last 17 years, most notably for IDEXX Laboratories for the past four years.
Dr. Regan went on to say, “Based on their existing relationships and proven track records in their specialty fields, I think both salespeople will be excellent additions to the team. Having specialists with experience at these leading companies and in the field will prove an invaluable addition to the Company. We are thrilled that we are able to continue to attract such high caliber people to join LexaGene.”
LexaGene is also pleased to announce that 99% of the warrants that were set to expire on June 29, 2020 were exercised. The proceeds from these 4,375,271 warrants brought in CAD$2.8M to the treasury. These monies are being used to support general manufacturing and commercial operations.
As previously announced, LexaGene will be hosting a webinar to provide additional information as well as a general corporate overview at 2 PM EST on July 14, 2020. All are invited to register for the webinar at this link: https://event.webcasts.com/starthere.jsp?ei=1294081&tp_key=b029bb1560.
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On Behalf of the Board of Directors
Dr. Jack Regan
Chief Executive Officer & Director
About LexaGene Holdings Inc.
LexaGene is a molecular diagnostics company that develops genetic analyzers for pathogen detection and other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing and biodefense. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The MiQLab analyzer delivers excellent sensitivity, specificity, and breadth of detection and can return results in approximately one hour. The unique open-access feature is designed for custom testing so that end-users can load their own real-time PCR assays onto the instrument to target any genetic target of interest.
For further information, please contact:
Director of Corporate Marketing, LexaGene
800.215.1824 ext 206
Vice President of Capital Markets, LexaGene
800.215.1824 ext 207
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.