LexaGene files for chapter 7 bankruptcy

LexaGene

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LexaGene Holdings Inc., a biotechnology company that was based at the Cummings Center, has filed for Chapter 7 bankruptcy in Boston, after being unable to secure the necessary funding to continue operations.

The company has ceased operations and laid off its staff. LexaGene’s founder and CEO, Jack Regan, invented a system that detects biological contaminants, pathogens, and other molecular markers in samples from humans, animals, and food.

The company’s customers included biopharmaceutical companies and veterinary hospitals. Unfortunately, the biopharma industry’s lengthy sales cycle, along with the lack of technology adoption and market conditions, led to the company’s closure.

The company has liabilities between $1 million and $10 million, and it does not expect the liquidation proceeds to satisfy the claims of all creditors.

The company’s board of directors remains intact, and it does not plan to seek voluntary delisting from the TSX Venture Exchange in Canada

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