New device will allow cost-effective, on-site pathogen testing
BEVERLY, Mass., Oct. 09, 2018 (GLOBE NEWSWIRE) -- LexaGene Holdings Inc. (OTCQB: LXXGF; TSX-V: LXG) (the “Company”), a biotechnology company that develops instrumentation for pathogen detection, announced today that it will unveil a model of its low-cost LX2™ Beta Prototype at the American Association of Veterinary Laboratory Diagnosticians (AAVLD) conference on Oct 19th and 20th in Kansas City, MO.
LexaGene’s PCR-based technology is designed to be placed inside the clinic, where it can screen samples for multiple targets at once, and return results in about one hour. The LX2 System is a low cost, small-footprint instrument perfectly suited for veterinary clinics as it takes less than a minute to initiate automated sample processing. This breakthrough technology will provide practitioners with the information they need to better treat their patients, while also allowing their practice to assume control over an important incremental revenue stream.
The instrument’s ability to return results in just one hour is a drastic improvement over the currently used standard culture methods that require shipping samples to laboratories, where results don’t become available for three or more days. LexaGene’s solution for faster and more accurate results will improve health outcomes, lower the overall cost of care, and lead to increased profitability for the practice.
“The veterinarians at our hospitals are happy that LexaGene has listened to our suggestions and are specifically building an instrument to meet our needs in the Emergency/Critical Care and Internal Medicine departments. We currently lack reliable point-of-care diagnostics for infectious diseases and need instruments that are small enough to fit into our cramped hospitals, yet has the screening potential to look for many diseases at once. The fact that LexaGene’s technology will also look for some antimicrobial resistance factors is a huge plus,” said Dr. Samuel Stewart, DVM, DACVECC, Emergency and Critical Care veterinarian at Ethos Discovery.
Key specifications of the LX2 beta instrument:
Features include the ability to accept two distinct reagent panels for syndromic-based testing, where each panel is capable of detecting 28 targets (up to 56 targets total) at once, a key advantage over current methods of testing. Plus, the instrument will be capable of processing two samples at a time, which is sufficient for most clinics, within a footprint that is just 16” wide x 20” tall x 22” deep. LX2 incorporates a one-time disposable cartridge per test that allows the Company to exploit a razor / razor blade business model.
LexaGene’s CEO, Dr. Jack Regan, added, “Our veterinary partners are thrilled about the increased screening capability of the LX2 and its smaller footprint. Incorporating this technology into a veterinary practice will provide better patient outcomes since the technology also looks for antimicrobial resistance, which will allow clinicians to make more informed decisions on prescribing the appropriate antibiotic. Furthermore, by bringing the testing in-house, practices will tap into a valuable revenue stream that will help drive adoption rates. We will be unveiling the beta prototype at the AAVLD conference, which boasts the largest assembly of veterinary diagnosticians in the United States. Concurrent with the unveiling at this conference, we will post related content to our website.”
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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 multiple samples at a time, in an on-demand fashion, returning results in about 1 hour. The company expects to sell its technology in the veterinary diagnostics market, food safety market, and more.
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.
Vice President of Capital Markets, LexaGene
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