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Be the first with the news that moves the market- LexaGene Holdings Inc (TSXV:LXG) is developing a COVID-19 detection instrument and plans to submit it to the US Food and Drug Administration
- The US FDA has recently placed an Emergency Use Authorisation on COVID-19-related technology to prioritise development
- The company is developing an analyser specifically gear toward COVID-19, as well as related pathogens and influenza strains
- The pathogen detection technology is expected to debut in the third quarter
- LexaGene Holdings (LXG) is down 1.3 per cent, with shares trading for C$0.76
Biotech company, LexaGene Holdings (TSXV:LXG), is now developing a COVID-19 detection instrument to rapidly diagnose the virus and limit its spread.
The news comes after the US Food and Drug Administration announced an Emergency Use Authorisation for any technology that may help limit COVID-19’s impact.
The FDA designates an Emergency Use Authorisation to prioritise and fast-track potentially helpful technology during an immediate crisis. The designation was also used during the Zika and Ebola outbreaks for the same purpose.
LexaGene CEO and Founder, Dr. Jack Regan believes his company is well positioned to help the medical community handle the outbreak.
“To contribute to the solution for this outbreak and make us better prepared for the next outbreak, LexaGene is now aggressively pursuing the clinical diagnostics market.
“We also have the personnel in place to remain on track to penetrate veterinary diagnostics, food safety and other markets that require open-access testing,” he said.
Since the outbreak began, the company has been developing an analyser specifically geared towards COVID-19. Analysers for related pathogens and influenza strains are also in the works.
LexaGene plans to submit the technology for FDA approval and hopes to accelerate the process as much as possible. The company is also in talks with operators in the field to test a beta version of the analyser soon.
The pathogen detection technology is expected to debut in the third quarter. However, the company has not announced when it plans to submit for FDA approval.
LexaGene Holdings (LXG) is down 1.3 per cent, with shares trading for C$0.76 at 11.49am EST.
