BEVERLY, Mass., June 18, 2018 (GLOBE NEWSWIRE) — LexaGene Holdings Inc. (OTCQB:LXXGF) (TSX-V:LXG) (the “Company”), a biotechnology company that develops instrumentation for pathogen detection, today announced the appointment of Joseph Caruso, to the Company’s Board of Directors. “Mr. Caruso is joining LexaGene’s Board of Directors at a pivotal moment for the Company, as we are continuing to push forward with the optimization of our first-of-its-kind prototype for rapid pathogen detection,” said Dr. Jack Regan, LexaGene’s CEO. “As such, Mr. Caruso’s expertise and knowledge of developing new-to-the-market medical devices and moving novel technology into commercialization will serve us well as we come closer to commercial launch of our products. Our proprietary technology addresses multiple multibillion dollar markets and we believe our technology will change the future of pathogen detection as we know it today.” Dr. Jack Regan continues, “Under Mr. Caruso’s leadership as CEO and Chairman of the Board of Palomar Medical Technology, Inc., he was responsible for the successful worldwide commercial launch of dozens of medical devices over a 30-year career.”
Mr. Caruso has extensive executive management, operational, financial, business development, investor relations, regulatory, and research and development experience with public and private companies. He currently serves as a member of the Board of Directors and Operating Committee of Endocellutions, Inc., a privately held medical device company. Since 2014, Mr. Caruso has focused on strategic and operational initiatives including launching the company’s first medical device for stem cell aspiration, expanding distribution, product development, and developing strategic partnerships. From 2016 to 2018, Mr. Caruso was a member of Launchpad Venture Group, a Boston-based investment group providing funding and advice to early stage companies focusing on innovative technology.
Mr. Caruso was one of the founding members of the management team of Palomar Medical Technologies, Inc. (NASDAQ:PMTI) (now part of Hologic, Inc.: (NASDAQ:HOLX)) taking the company public in 1992. As CEO and Chairman of the Board of Directors, Mr. Caruso was instrumental in growing the company from a start up until its sale in 2013 for approximately $300M. Under Mr. Caruso’s leadership, Palomar, with offices around the world, developed the first high powered laser hair removal system and helped create the multi-billion dollar cosmetic medical device industry. Palomar developed many first-of-its-kind technologies including the first FDA OTC cleared laser for home use. Palomar was responsible for developing many of the most popular energy-based professional cosmetic medical device technologies that are in use today including fractional wrinkle removal lasers, laser-based lipolysis and one of the most widely used laser cosmetic technologies for laser hair removal. Mr. Caruso was actively involved in the design and development of a number of the medical devices launched by Palomar and worked closely with many world-renowned research institutions such as Massachusetts General Hospital. Palomar technology has been used by thousands of physicians on millions of patients worldwide. Mr. Caruso negotiated dozens of acquisitions, license agreements and joint development agreements in his career including with companies such as Johnson and Johnson, Inc. (JNJ) and Gillette (now part of Proctor and Gamble Company, Inc.: PG).
ON BEHALF OF THE BOARD “Jack Regan”
Dr. Jack Regan, Chief Executive Officer
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About LexaGene Holdings Inc.
LexaGene is a biotechnology company developing the very first easy-to-use fully automated pathogen detection platform that is open-access, the LX6. The open-access feature will empower end-users to target any pathogen of interest, as they can load their own real-time PCR assays onto the instrument for customized pathogen detection. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, and press ‘go’. The instrument is expected to offer excellent sensitivity, specificity, and breadth of pathogen detection. The instrument will be able to process six samples at a time, in an on-demand fashion, returning results in about 1 hour. The company expects to sell its technology in the food safety, veterinary diagnostics, water quality monitoring, and aquaculture pathogen surveillance markets.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release 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, and licensing issues — 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 of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.