LexaGene Holdings Inc. (OTCQB:LXXGF) (TSX-V:LXG) (the “Company”), a biotechnology company that develops instrumentation for pathogen detection, today announced that the technology for its automated pathogen detection instrument has been successfully de-risked through a series of tests that looked at each of the instrument’s critical functions. These tests were conducted by Boston Engineering, a professional engineering firm that is working with LexaGene to develop the technology.
“We have carefully evaluated each of the instrument’s microfluidic functions and are now confident that LexaGene’s instrument will be able to process multiple samples at the same time and analyze each sample for many different types of pathogens,” said Dave Jacobs, Director of Medical Device Development at Boston Engineering.
“Proving that the technology has been de-risked is a big accomplishment for LexaGene, as we can now focus on building and testing the instrument,” added Dr. Jack Regan, LexaGene’s CEO. “We have already finalized the instrument’s casing and have an early version of the instrument’s graphical user interface. We look forward to getting early feedback on the instrument’s usability.”
LexaGene will unveil this pre-alpha prototype on July 9, 2017, at this year’s International Association for Food Protection (IAFP) Annual Meeting in Tampa, Fla. To see what the pre-alpha prototype looks like, click here.
The Company is unveiling the pre-alpha prototype at IAFP since the Company believes that the technology is particularly well-suited to benefit this industry, as the technology offers several features that have been long-sought-after by many in the food safety industry. LexaGene’s technology is anticipated to be the first that is capable of processing large volumes of samples and can screen for indicator species and pathogenic organisms at the same time. Furthermore, the technology does not require a licensed technician to operate; anyone from a farmhand to a PhD will be able to test a sample and get quick, accurate results.
The food industry in the U.S. loses $55.5 billion each year due to safety issues – i.e., medical treatments, productivity losses and illness-related mortalities. Additionally, the average cost of a recall to a food company is $10 million in direct costs, not including brand damage and lost sales. Overall, each year, there are 2.6 billion tests conducted and 626 food recalls.
“In a society where approximately 48 million people get sick from contaminated food each year in the U.S. – resulting in an estimated 128,000 hospitalizations and 3,000 deaths – the industry is in dire need of a pathogen detection instrument that is not only highly effective and sensitive but also easy-to-use and adaptable,” concluded Dr. Regan. “LexaGene’s technology will require as little as one-hour of wait time to get results, compared to standard food safety tests that take up to five days, allowing food producers to make quick decisions regarding the safety of their products.”
The Company’s next milestone is to complete the building of the alpha prototype by October 2017 and then finish the testing of the prototype by November 2017 to verify that it meets specifications.
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ON BEHALF OF THE BOARD “Jack Regan”
Jack Regan: Founder, Chief Executive Officer, and Director
For further information, please contact:
Caitlin Kasunich (ckasunich@kcsa.com)
About LexaGene Holdings Inc.
LexaGene is a biotechnology company developing the very first fully automated pathogen detection platform that is open-access. The open-access feature will empower end-users to target any pathogen of interest, as they can load their own real-time PCR assays onto the instrument for customized pathogen detection. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, and press ‘go’. The instrument is expected to offer excellent sensitivity, specificity, and breadth of pathogen detection. The instrument will be able to process six samples at a time, in an on-demand fashion, returning results in about 1 hour. The company expects to sell its technology in the food safety, veterinary diagnostics, water quality monitoring, and aquaculture pathogen surveillance markets.
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.
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