Source: LexaGene
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  • LexaGene Holdings (LXG) has closed the second tranche of its strategic private placement to Meridian LGH Holdings
  • The Massachusetts-based biotech company issued 5,384,275 units at a price of $0.35 per unit
  • The placement raised $1,884,496.25 of gross proceeds
  • LexaGene intends to use the proceeds of the private placement towards purchasing inventory for manufacturing more of its MiQLab Systems
  • LexaGene Holdings is up 1.75 percent, trading at $0.29 at 10:53 a.m. EST

LexaGene Holdings (LXG) has closed the second tranche of its private placement to Meridian LGH Holdings.

The Massachusetts-based biotech company issued 5,384,275 units at a price of $0.35 per unit.

The placement raised $1,884,496.25 of gross proceeds for the company, which develops molecular diagnostic systems for pathogen detection and genetic testing for other molecular markers for on-site rapid testing.

LexaGene intends to use the proceeds of the private placement towards purchasing inventory for manufacturing more of its MiQLab Systems, along with continued research and development.

The MiQLab system delivers sensitivity, specificity, and breadth of detection and can return results in approximately two hours.

On Feb. 18, the company announced the first tranche of the private placement with Meridian LGH Holdings, for a total of $6,475,000.

LexaGene Holdings is up 1.75 percent, trading at $0.29 at 10:53 a.m. EST.

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