LexaGene Receives Signed Quote from Large Biopharma Company to Purchase a MiQLab System
13 October 2022 - 10:45PM
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 received an
indication that a major biopharma company intends to purchase its
technology.
Dr. Jack Regan, LexaGene’s CEO and Founder
stated, “We are excited to report a major international biopharma
manufacturer has provided us a signed quote for the purchase of a
MiQLab System. We’ve also discussed assisting them in their
validation to speed up the timeline for determining whether the
MiQLab System will meet their significant manufacturing testing
needs.”
He continued, “This second sale into this
industry has dramatically boosted our optimism for the biopharma
market, where a single manufacturing plant would potentially
purchase 25 or more systems. Our very first sale happened to be to
another major international biologic manufacturer. This company
completed their initial validation, which was significantly drawn
out due to staffing issues. Nonetheless, they have continued to
express enthusiasm for the technology, and we remain hopeful that
adoption into their manufacturing process is the next step, where
presumably numerous systems would be needed to meet their testing
requirements.”
Contamination testing in the biopharmaceutical
space was estimated to be a ~$10B market opportunity in 2021 with
approximately 350 million tests run annually.1 Biopharmaceutical
companies frequently test for contamination to avoid having a
recall, as these events can cost tens of millions of dollars in
investigation, cleanup, corrective actions, lost revenue, and
manufacturing plant downtime.2,3
The list of possible biopharma contaminants is
long, with many requiring custom culture conditions for optimal
growth. Even under optimal growth conditions, some contaminants
take up to 28 days for testing.4 In contrast, PCR-based
testing does not require specialized culture conditions and can be
performed immediately – providing results in hours rather than
weeks. The time savings that can be realized, using the MiQLab
System, can have massive implications for biopharmaceutical
manufacturers by allowing them to quickly identify contaminants
before the contamination results in massive losses.
The biopharma industry is increasingly looking
for flexible PCR solutions to handle complex matrices, screen for
numerous targets, and report results quickly. These requirements
make LexaGene’s technology an ideal solution. LexaGene’s MiQLab
System has already been tested and proven to work well on some of
the most common cell lines and products manufactured in the
industry.
For more information about LexaGene and the
MiQLab System, please visit www.lexagene.com or follow us on
Twitter or LinkedIn.
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 veterinary
hospitals and reference laboratories – as well as contract biologic
manufacturers. 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.
[1]
https://www.sec.gov/Archives/edgar/data/1380106/000110465921085783/tm219739-8_s1.htm[2] https://www.nature.com/articles/s41587-020-0507-2[3] Liu,
S. et al. Development and qualification of a novel virus removal
filter for cell culture applications. Biotechnol. Prog. 16, 425–434
(2000).[4] https://www.biopharminternational.com/view/usp-mycoplasma-tests-new-regulation-mycoplasma-testing
For inquiries: 800.215.1824 | ir@lexagene.com or info@lexagene.com
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