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Lexington Provides Q3 Corporate Review
VANCOUVER, British Columbia, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Lexington Biosciences, Inc. (CSE: LNB) (OTCQB: LXGTF) (the “Company” or “Lexington”), a development-stage medical device company, is pleased to review activities undertaken during Q3 of 2018.
Over the summer, the Company completed its first phase of clinical testing at Diablo Clinical Research. The results of the study validated safety protocols, provided the Company with critical information for product iteration, algorithm development, and clinical testing protocol refinement in preparation for the upcoming multi-center clinical study series.
During this same period, the Company commenced a brokered private placement offering in Canada that ultimately was unsuccessful due to prevailing market conditions. Currently, the Company has a non-brokered private placement open which is anticipated to close during Q4. As a result of investment market uncertainty, the Company has been operating in capital preservation mode, and as a result, the previously published timelines and strategic planning have been extended.
Currently, the Company is negotiating clinical contracts with multiple study sites in preparation for the commencement of its pivotal series of clinical studies.
Upon the successful conclusion of the upcoming financing round, the second phase of trial activities will be established almost immediately, and a new clinical timeline will be published.
To find out more about Lexington Biosciences, interested readers are invited to visit our website and view our video featuring principal HeartSentry inventor Dr. Jonathan Maltz, Ph.D., which provides an excellent overview of our business proposition and opportunity ahead
About Lexington Biosciences, Inc. (CSE: LNB / OTCQB: LXGTF)
Lexington Biosciences is a medical device company developing the HeartSentry, a new non-invasive diagnostic device to measure and monitor cardiovascular health by assessing the function of a person’s vascular endothelium - the vital innermost lining of the cardiovascular system. Currently, the standard of care is measurement using expensive external ultrasound by a highly trained technician. The HeartSentry core technology was developed at the Lawrence Berkeley National Laboratory over a fifteen-year R&D period involving many research studies and product iterations resulting in a portfolio of multiple pending and issued patents licensed to the company. Our aim is to make HeartSentry accurate, quick, and cost effective so it can become the standard of care for cardiologists, general practitioners, and ultimately patients for first line evaluation of a person’s cardiovascular health. Lexington is engaged with the US FDA and other regulatory agencies on the required product approvals for the HeartSentry. For more information about the company please visit: https://lexingtonbiosciences.com/.
On Behalf of the Board,
CEO & Director
CAUTIONARY DISCLAIMER STATEMENT: The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the Canadian Securities Exchange and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.