VANCOUVER, British Columbia, May 03, 2017 (GLOBE NEWSWIRE) -- LexaGene Holdings Inc. (OTCQB:LXXGF) (TSX-V: LXG ) (the “ Company ”) is pleased to report that the development of the alpha prototype remains on track and is scheduled to be completed by the end of this November 2017.
The Company is following a phase-gate approach for product development. In Phase I, which was completed in 2016, we defined the instrument’s specifications. We are now near the end of Phase II, where each of the technical risks of the product are evaluated. We have conclusively retired the majority of these factors and are in the latter stages of evaluating each of the remaining tasks. Although more data needs to be generated on these remaining tasks, we are very pleased with our initial findings. We anticipate being able to exit Phase II by the end of June, at which point we will be able to claim that all the known technical factors have been sufficiently evaluated to progress on to Phase III. In Phase III, we will focus on determining the optimal geometric placement of instrument’s components within its casing. Lastly, in Phase IV the prototype will be assembled and tested to ensure the instrument meets all the pre-defined specifications. In commenting on the Company’s recent progress, LexaGene’s Chief Executive Officer and Founder, Dr. Jack Regan, noted, “We are extremely pleased with the findings to date as our testing has yielded no surprises. We have hit all of our milestones and look forward to verifying the alpha prototype meets all the required specifications in November 2017.”
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. For more information visit www.lexagene.com
ON BEHALF OF THE BOARD “Jack Regan”
Jack Regan: Founder, Chief Executive Officer, and Director
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.
For further information, please contact: Jack Regan, jackregan@lexagene.com
