This is a molecular diagnostics company that has been mentioned here a few times, as it has been teased in a few newsletters. I have been invested in this company since 2019. I increased my position greatly after I saw a free youtube interview where Dr. KSS was interviewing the CEO. (I did not know Dr. KSS had invested in this company before I saw the video). I came away very impressed by the CEO, Jack Regan. He had previously worked at Lawrence Livermore National Labs where he helped invent and patent the technology that is being used in the MiQLab. LexaGene has an exclusive license with Livermore for use of these patents. This company makes a device called the MiQLab which performs quantitative PCR that can test for 27 pathogens, all in one hour. Originally, the company had planned to focus on the veterinary diagnostics market but once Covid-19 appeared they decided to also go for FDA EUA to test for Covid-19. They are conducting a trial at Dartmouth Hitchcock Medical Center right now and anticipate submitting the results to the FDA sometime in February. The FDA usually takes about 2 weeks to get back with its decision. The stock has been steadily rising the past 2 weeks and today made an all time high. I think this is only the beginning as the anticipated FDA EUA for Covid-19 will really boost the share price. I have written an extensive blog post on this and published it on Seeking Alpha but I will cut and paste it here (I am allowed to do that as I did not grant Seeking Alpha exclusive access).
LexaGene’s MiQLab provides gold-standard, quantitative PCR results at the point of care, while testing for 27 pathogens, all in 1 hour vs. 1-3 days for PCR at a lab. Set to be a market leader in veterinary diagnostics. 1 hour PCR test results for the LexaGene MiQLab vs. 4-5 business days for sending to outside lab. Recent purchase order from a large multinational biotechnology company illustrates the vast potential in the open access market.
LexaGene Holdings Inc. engages in the research, development, and commercialization of an automated genetic analyzer called the MiQLab for pathogen detection in veterinary diagnostics, human clinical diagnostics, food safety testing, and other life sciences markets (open access). Its automated pathogen detection platform is used at the site of sample collection (point of care), which offers unprecedented ease-of-use, sensitivity, and breadth of pathogen detection. The company is headquartered in Beverly, Massachusetts, USA.
LexaGene (OTCQB:OTCQB:LXXGF) (TSXV:LXG) (FRA:5XS2) was founded in 2016 by its CEO Dr. Jack Regan, who also invented the technology that is being advanced by LexaGene when he worked at Lawrence Livermore National Laboratory. The technology is suited for rapid pathogen detection and can be used across a variety of markets, including the detection of the 2019-Novel Coronavirus and its variants.
MiQLab is a system that has the ability to screen for 27 pathogens at once while also providing higher confidence in results. Polymerase Chain Reaction (PCR), is considered to be the gold standard in pathogen detection and pathogen diagnostics. LexaGene automated the PCR process and moved it to the point of care (POC) while providing quicker results. The automation of PCR could increase the effectiveness and speed of the detection of new pathogens like COVID-19. Also, as PCR is currently done manually, the automation process would erase the need for highly trained personnel to perform tests and would steer clear of any inefficiencies due to human error. The company has claimed that unskilled workers can be trained in as little as one hour to operate the MiQLab, and that there is no complex work involved like pipetting of fluids.
What MiQLab technology does:
Extracts and purifies genetic material
The innovative technology brings reference laboratory quality to the point of care: border crossings, stadiums, cruise ships, airports, hospital emergency rooms, schools, etc.
Advantages of MiQLab:
1 hour test results (vs 1-3 days)
Replaces complex workflows
Non-technical workers can operate. No pipetting required
Quantitative – exact amount of virus, bacteria, or fungus known
MiQLab vs Traditional PCR:
MiQLab: Automated, small footprint device, run by unskilled labor.
Traditional PCR: Manual, fully equipped lab needed, run by skilled labor.