LexaGene Holdings Inc. (OTCQB: LXXGF) (TSX-V:LXG)’s is eyeing strategic collaborations as it looks to enhance the capabilities of its pathogen detection instrument in a bid to target more marketplaces. In recent months, the biotechnology company has teamed up with the likes of Texas A & M, Stanford School of Medicine as well as Ethos Veterinary as it looks to refine the technology, behind the pathogen detection platform.
Pathogen Detection Instrument Development
As part of its deal with Stanford University School of Medicine, the two are to use targeted sequencing technology, developed by Dr. Hanlee Ji, in combination with the company’s microfluidic instrument. LexaGene’s technology was initially designed to detect pathogens across various markets. Thanks to the partnership with the Stanford University School of medicine, the focus has now shifted towards tweaking the technology to include cancer diagnostics and Next Generation Sequencing.
LexaGene’s has achieved significant milestones on the development of the pathogen Detection instrument which is now capable of generating data in addition to identifying E. coli and Staph. The technology can also process up to six samples at a time while searching for over 22 pathogens
“Generating data with the prototype is a monumental milestone for the Company, especially given that we are at such a critical moment in society right now with new foodborne illnesses happening so frequently,” said Dr. Jack Regan, LexaGene’s CEO.
The Chief Executive officer expects the technology to have a significant impact in the Food industry. The technology should also go a long way in reducing chances of shipping contaminated food items. However, the long-term plan is to optimize its performance to equip it with more reagents so that it can detect more diseases such as Salmonella and Listeria.
Currently, healthcare providers have to collect samples and in some cases ship the same to an offsite laboratory for testing, the shipping process at times means patients have to wait for 3-5 days in order to get correctly diagnosed. However with LexaGene Holdings Inc. (OTCQB: LXXGF) (TSX-V:LXG) technology this, headwind could soon be a thing of the past.
The technology makes it easy to identify the presence of antibiotic resistance bacteria thus empowering healthcare providers to treat patients with more targeted therapies.
Despite the impressive achievements in the development of the Pathogen detection system, LexaGene’s has not had the best of rides in the market. The stock is already down by more than 70% for the year and is currently trading in a downtrend.
Consolidation in recent weeks has seen the stock trade in a tight range, waiting to see if it has hit the floor from where it will make a comeback. Given the developments achieved so far on the development of the pathogen detection instrument, it would not come as a surprise if the stock bounces back from current trading level.
For starters, the stock needs to rise and stabilize above the $1.50 level, to affirm suggestions that the bear run is finally over. For this to happen, the company will have to serve a string of solid positive catalysts if investors are to take note of the stock on the market.
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