BEVERLY, Mass., Oct. 20, 2022 (GLOBE NEWSWIRE) — LexaGene Holdings, Inc., (OTCQB: LXXGF; TSX-V: LXG) (“LexaGene” or the “Company”), an innovative, molecular diagnostics company that has commercialized the MiQLab® System for automated, genetic testing, is pleased to announce that it has signed a statement of work with the same biopharma company that purchased a System last week.
Dr. Jack Regan, LexaGene’s CEO and Founder stated, “The technology validation study outlined within the signed statement of work will provide this biopharma company much of the data they need to make future decisions in just a few weeks of time. This company has agreed to have the validation work done at LexaGene, and they will have a scientist embedded onsite during parts of the study. The biopharma company will provide some bio-reactor samples that are required for the study.”
He continued, “If the data generated during this validation study meets this biopharma company’s needs, and our technology is adopted for in-process testing, we believe a single manufacturing plant would generate millions of dollars in revenue annually for LexaGene. This biopharma company operates many manufacturing plants both domestically and worldwide.”
Dr. Regan concluded, “Single manufacturing plants of large biopharma manufacturers generate product worth hundreds of millions of dollars every year. It is not uncommon for manufacturing plants to experience 5 – 10 contamination events per year. Contamination events can lead to 10’s of millions of dollars in losses.1,2 Current testing technologies rely on culture, which can take 28 days to generate results. These slow turnaround times prevent them from detecting contamination events before losses become substantial. Furthermore, many common contaminants such as different viruses and fungi are very difficult or impossible to culture. As a result, many biopharma companies are looking towards automated multiplex PCR solutions to meet their testing needs and we believe our MiQLab System is an ideal solution.”
About LexaGene Holdings Inc.
LexaGene is a molecular diagnostics company that has commercialized the MiQLab System for fast and easy detection of pathogens and other molecular markers. The System is designed for on-site usage and uses real-time PCR chemistry. Our customers include biopharmaceutical companies, veterinary hospitals and reference laboratories. The MiQLab System delivers excellent sensitivity, specificity, and breadth of detection.
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.