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Be the first with the news that moves the market- LexaGene (LXG) has filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code
- The company has ceased all operations and laid off its staff
- It does not expect liquidation proceeds to satisfy all creditor claims, meaning shareholders are unlikely to receive distributions of any kind
- LexaGene offers on-site detection of biological contaminants, pathogens and other molecular markers
- LexaGene Holdings (LXG) was halted from trading on February 21 at $0.105 per share
LexaGene (LXG) has filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code.
The filing, which took place earlier today in Boston, Massachusetts, will result in the federal appointment of a bankruptcy trustee to liquidate the company’s assets and distribute any proceeds.
The company has ceased all operations and laid off its staff.
The company does not expect liquidation proceeds to satisfy all creditor claims, meaning shareholders are unlikely to receive distributions of any kind.
LexaGene’s board remains intact, and the company does not intend to seek a voluntary delisting from the TSXV.
“Despite our best efforts, we were unable to secure the necessary funding to continue our operations,” stated Dr. Jack Regan, LexaGene’s Founder and CEO. “Accordingly, the board of directors has exercised its business judgment to commence liquidation proceedings for the company.”
“My staff and I have truly given our best effort to make this company a success,” he added. “Unfortunately, market conditions, lack of technology adoption, and the lengthy sales cycle in the biopharma industry have been too much to overcome. We regret the impact this will have on our investors, customers and employees.”
LexaGene is a molecular diagnostics company whose MiQLab System offers on-site detection of biological contaminants, pathogens and other molecular markers.
LexaGene Holdings (LXG) was halted from trading on February 21 at $0.105 per share.
