LexaGene Holdings Inc. (LXG.V) is working to develop a fully automated pathogen detection instrument that is self-served. The objective is to enable an end-users to target any pathogen of interest for customized detection and return results in about an hour.
The end-users simply need to collect a sample, load it onto the instrument with a cartridge, and press ‘go’. The instrument is expected to offer excellent sensitivity, specificity, and a breadth of pathogen detection. End-users will be able to input multiple samples at a time, on an self-served basis. Panels on the instrument allows for each sample to be screened for up to 28 targets while performing 15 positive and 2 negative controls.
Within the past year, LXG.V has made some addition to their leadership team. The team now accounts for a great mix of financiers, scientists, bioinformatics, and high tech product development specialists with significant past achievements. CEO and Founder, Dr. "Jack" (John Frederick) Regan also already has a few patents to his credit and a recent filing (Nucleic Extraction and Purification Cartridge, June 2017 ) that is still in process.
The instrument LXG.V is working on has numerous past iterations and received funding from US. Department of Energy, Department of Defense, Department of Homeland Security, as well as, the National Institute of Health. The company reports a total addressable market of $37B within three major verticals: 1. Veterinary ($4.2B), 2. Food Producers ($13.6B), and 3. Human Clinical Diagnosis ($19.35B). Out of these, LXG.V is currently focused on Veterinary applications and has recently completed a prototype (LX2). Within the last six months, the following releases have been issued:
Dec. 10 - Completes Development of Canine Urinary Tract Infection (UTI) Syndromic Panel. The assay is capable of detecting each of the eight most common pathogens responsible for the majority (95%) of all clinical canine UTI cases.
Dec. 3 - Attends Industry Engagement Meeting with the Department of Homeland Security
Nov. 28 - Named One of the 10 Most Promising Food Solution Providers by CIOReview based on the LX2 pathogen detection system.
Oct. 9 - To Unveil LX2™ Beta Prototype Design for the Veterinary Market
Sept. 4 - Investor Conferences: Liolios 7th Annual Gateway Conference and MicroCap Leadership Summit
Jul. 26 - Begins Beta Pathogen Detection System. "Manufactured betas will be sent to interested buyers for evaluation. The beta program will also allow us to develop our manufacturing procedures for commercializing the final product.” - Daryl Rebeck, LexaGene’s President
Jul. 11 - Completes $5.75 Million Bought Deal Financing. Issued 5,7M units at $1.00 per unit, each unit consisting of one share and one–half of one share purchase warrant ($1.30). The financing led by Canaccord Genuity Corp including. Echelon Wealth Partners Inc. The net proceeds of the will be used to accelerate the commercialization and deployment of the Company’s Microfluidic technology and working capital purposes.
Despite many accomplishments, LXG.V has lost roughly 40% of its valuation in the last six months. The prolonged decline is attributed in part to recent market conditions and the fact that the the company is on a mission that is capital intensive. The last two rounds of financing were bought deals (December 2017 - $5M at $1.15. July 2018 - $5.75M at $1.00) and it is highly probable that the company will require more.
It is noted that the stock price has undergone at least four "S1 Test" in the past two months (Oct 10, Oct. 25, Nov. 27, and Dec. 13). The last two (Nov. 27, Dec. 13) are certainly not like the first two. Recently, Anonymous (1) and/or BMO (9) were actively selling and driving the price down significantly.
It's obvious, LXG.V is in testing.
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