The Global Race for Testing and Vaccines for COVID-19 Sees Biotechnology Innovation at its Best
Point Roberts, Washington and Delta, British Columbia--(Newsfile Corp. - June 3, 2020) - Investor Ideas, a global investor news source covering biotech and pharma stocks releases a COVID-19 sector snapshot. According to Bio.org, COVID-19 (Coronavirus) has ignited the sector, noting "Biotech Companies are responding faster than ever to emerging health threats." Investor ideas looks at some of the leading innovators and what is in the pipeline.
Read the full article/snapshot looking at biotech stocks:
LexaGene Holdings, Inc. (TSXV: LXG) (OTCQB: LXXGF), a TSX Venture Top 50 Company, developing a fully automated pathogen detection platform just announced they have "PLACED A PRE-COMMERCIAL INSTRUMENT FOR COVID-19 TESTING IN A MAJOR HOSPITAL LABORATORY."
From the news: Lexagene Holdings Inc. has placed a precommercial instrument that tests for COVID-19 and other respiratory pathogens at the Dartmouth-Hitchcock Medical Center (DHMC), in its laboratory for clinical genomics and advanced technology (CGAT) in Hanover, N.H.
Continued: Dr. Gregory J. Tsongalis, PhD., HCLD, CC, Professor and Vice Chair for Research Director at CGAT, comments, "Our standard test for SARS-CoV-2, the pathogen that causes COVID-19, takes about 7.5 hours. Given the highly contagious nature of this virus, this is a long time to wait. We want the ability to get results much faster and to be able to screen for more pathogens at once since respiratory symptoms can be caused by numerous other viruses."
Continued: Dr. Jack Regan, Lexagene's Founder and CEO, states, "We are excited to be able to contribute to the fight against COVID-19 and illustrate our applications in the human clinical space. Unlike many of the near-patient testing solutions used today that only look for COVID-19 and have a significant false negative rate, the instrument we have placed at Dartmouth-Hitchcock screens for many pathogens at once, namely COVID-19, influenza, RSV, adenovirus, metapneumovirus, and seasonal coronavirus, and it performs gold-standard chemistry for exceptional data quality. Our breadth of detection allows users of our technology to generate informative data for the vast majority of people with respiratory symptoms. This is particularly important as healthcare providers are increasingly questioning negative results from COVID-19 only tests, wondering if the test result is a false negative or the person is sick from another pathogen."
Continued: The Company is also pleased to report that we have submitted our plan to the FDA for Emergency Use Authorization (EUA) for COVID-19 testing and anticipates completing the described studies in the near future. Until these studies are completed and the FDA grants Lexagene's instrument EUA for COVID-19 testing, all work using Lexagene instruments is classified as Research Use Only and cannot be used for human clinical diagnostics.
Continued: The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.
The Company has a proven and credible background in dealing with pathogens. LexaGene's patented microfluidic system was invented by company founder and CEO, Dr. Jack Regan who was a lead scientist in developing a predecessor instrument designed for bio-warfare surveillance that was adopted by the Department of Homeland Security for the BioWatch Program and a second R&D instrument that was designed for detecting respiratory pathogens from nasal swab samples.
From testing to vaccines-the race is on, inciting innovation and opportunities for investors like never before. As Zacks Research noted, "All eyes are on pharma/biotech sector to find a treatment/vaccine for COVID-19 as they are being considered the key to bring stalled global economies back on track."
And as GlobalCitizen reported, "As the world awaits the development of treatments and vaccines for COVID-19, diagnostic testing remains the first line of defense against the virus."
LexaGene Holdings notes on its investor presentation, "Many different viral infections present with similar symptoms to COVID-19. This makes multiplex molecular diagnosis essential."
Visit Investorideas.com biotech and coronavirus stocks directory https://www.investorideas.com/BIS/stock_list.asp
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The information set forth above contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, licensing issues, ability for its product to detect SARS-CoV-2 N gene RNA and obtaining FDA approval of its products - that could cause actual results to differ materially from the Company's expectations as disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date herein.
Readers are cautioned that the information contained is not making any express or implied claims that LexaGene or technology has the ability to eliminate the SARS-CoV-2 virus at this time. We further caution that LexaGene's technology has yet to receive FDA authorization, as the company is currently pursuing this distinction.
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