Large Biopharma Company Engages LexaGene in Statement of Work to Expedite Technology Validation
20 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 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.”
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
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.
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https://www.nature.com/articles/s41587-020-0507-2
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https://www.pda.org/pda-letter-portal/home/full-article/the-cost-of-microbial-control
For inquiries: 800.215.1824 | ir@lexagene.com or info@lexagene.com
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