LexaGene Holdings, Inc., (CVE:LXG) (OTCQB:LXXGF) said it has received approximately C$3.6 million (US$2.9 million) in warrant exercises since the start of 2021.
In a statement, Dr Jack Regan, LexaGene’s CEO and founder commented: “Achieving our first commercial sales in combination with a very positive outlook for 2021 has resulted in the appreciation of our share price over the last few months. The receipt of exercised warrants has significantly added to our treasury and puts us in a strong financial position for 2021.”
READ: LexaGene successfully configures its MiQLab system to detect mutant sequences unique to UK and South African coronavirus variants
The molecular diagnostics company, which has developed MiQLab, a fully automated rapid pathogen detection systems, said the coronavirus (COVID-19) pandemic has presented significant challenges for sales travel and demonstrations, as many hospitals, clinics and businesses are not allowing outside guests.
But as COVID-19 restrictions ease in the coming months, LexaGene is anticipating robust demand for the MiQLab. In anticipation of this demand, it said it is now hiring additional sales representatives for the veterinary and open-access markets, with a focus on adding sales representatives in the West Coast, Northeast, and Midwest regions of the United States.
Jeffrey Mitchell, LexaGene’s CFO added: “Not only has the exercise of warrants over the last few months allowed the Company to aggressively start adding to our direct sales force while expanding territories, but also grants us the flexibility to add additional staff required to support our FDA EUA submission.”
The company said it continues to make progress in its efforts to submit to the US Food & Drug Administration (FDA) for Emergency Use Authorization (EUA) for SARS-CoV-2 (COVID-19) testing. As is standard practice, until the FDA grants LexaGene’s instrument EUA for COVID-19 testing, all work using LexaGene instruments is classified as Research Use Only and cannot be used for human clinical diagnostics. The company said it is not making any express or implied claims that its product has the ability to eliminate, cure, or contain the COVID-19 (or SARS-2 Coronavirus) at this time.
LexaGene also said that Dr Regan has been invited to present at the Inaugural Emerging Growth Virtual Conference, presented by M Vest and Maxim Group which will take place on March 17 and March 18 from 9.00am-5.00pm EST. The company added that it will also be presenting at the Benzinga Biotech Small Cap Conference - https://www.benzinga.com/events/ - on Thursday, March 25.
Contact the author at jon.hopkins@proactiveinvestors.com