LexaGene Holdings Inc (CVE:LXG) (OTCQB:LXXGF) said it has boosted its sales team with an additional four representatives to target business opportunities in the veterinary and drug manufacturing markets.
The Beverly, Massachusetts-based firm, which develops fully automated rapid pathogen detection systems, said that three of the new representatives will work in the veterinary diagnostics industry, which is growing at a rapid rate. An additional representative will work in the contract drug manufacturing market, LexaGene added.
Experienced sales managers Julie Griggs, Kara Alkire, Whitney Fernandes and Chris Bartlett are joining the team to work with LexaGene’s Midwest regional sales manager Sarah Mumbower.
READ: LexaGene to host veterinary event with UPenn professor presenting a study of MiQLab detecting Staphylococcus in canine skin infections
“We are excited to have recruited very talented and experienced sales representatives from some of the biggest names in veterinary healthcare,” LexaGene CEO Jack Regan said in a statement.
“Our new sales representatives have universally expressed optimism about selling LexaGene’s technology into veterinary hospitals, and the same is true for our sales representative targeting contract drug manufacturing organizations. Our rapidly growing sales team is now undergoing LexaGene specific training and will soon be offering incentives for early adopters so we can quickly expand our installation base.”
Regan told investors that the company is focusing on the “largely untapped” veterinary market.
“There are 77 million dogs and 58 million cats in the United States, and many pet owners spare no expense on caring for their animal companions. The overall size of the veterinary diagnostics market is expected to soon reach $4 billion and is growing at a compound annual growth rate of 8.8%. Currently, there are 18,600 private practice veterinary clinics that see enough animals per day to be target customers for LexaGene," he noted.
Additionally, LexaGene announced its board had approved inducement grants for independent directors totaling 396,000 restricted share units and an equal number of share options. Each option is exercisable into one share at C$0.66 for a 10-year period following the date of grant.
The options vest 10% on the grant date, and 15% every six months thereafter with an expiry date of May 11, 2031. The restricted share units start vesting on May 11, 2023, in equal 10% increments on the 11th day of each month thereafter expiring on February 11, 2024.
LexaGene's MiQLab system delivers excellent sensitivity, specificity, and breadth of detection, and can test for 27 pathogens and return results in about one hour versus one-to-three days at a lab.
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