LexaGene announces C$5M bought deal financing

LexaGene announced that it has entered an agreement with a group of underwriters led by Canaccord Genuity to purchase up to 5 million units of stock at a price of $1.00 per unit, for gross proceeds of C$5.0 million ($3.7 million). LexaGene, which trades over the counter and on the Toronto Stock Exchange, plans to use the net proceeds to advance commercialization of its microfluidic technology and for general corporate purposes. The company is currently targeting the food safety and veterinary diagnostic markets with its technology.