VANCOUVER, British Columbia, April 30, 2018 — Lexington Biosciences, Inc. (CSE:LNB) (OTCQB:LXGTF) (the “Company” or “Lexington”), a development-stage medical device company, has released its audited Consolidated Financial Statements and Management, Discussion and Analysis for the year ended December 31, 2017, both of which are available for review via the Company’s website at www.lexingtonbiosciences.com; or via SEDAR at www.sedar.com.
Overall total expenditure, excluding non-cash items for the year ended December 31, 2017 was approximately $1.85 million with the largest expenditure being on product development ($0.75 million); clinical trials ($0.3 million); management fees ($0.25 million); investor relations and marketing ($0.15 million); professional fees ($0.13 million) and other expenses ($0.3 million).
As at December 31, 2017 the Company had cash resources of $1.4 million and accounts payable and accrued liabilities of $0.25 million for working capital (current assets less current liabilities) of $1.15 million.
The Company’s primary focus during the first three quarters of 2017 was the development and manufacturing of the HeartSentry 1st generation product, a new non-invasive diagnostic device that is designed to measure and monitor cardiovascular health by assessing the function of a patient’s vascular endothelium, the vital innermost lining of the cardiovascular system. Total expenditure to develop the first human-use mobile units capable of being used in clinical trials was approximately $0.75 million.
In the fourth quarter of 2017 and in the current year to date, once the initial HeartSentry product was developed the Company turned its focus on the commencement of clinical trials, with significant progress including:
- Engaging San Francisco Bay Area-based Diablo Clinical Research to conduct its HeartSentry pilot clinical studies aimed at supporting FDA clearance of the device;
- Receiving approval from the Institutional Review Board (“IRB”) for its pilot clinical study at Diablo Clinical Research. Approval by an IRB, or ethics board, was necessary before human research could begin;
- Commencing HeartSentry clinical trials and ongoing patient enrollment.
The Company is currently in the execution phase of the clinical trial investigation and expects to release further news as it becomes available from the investigative researchers.
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 University of California Berkeley 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 relating to the completion of the listing of the Company’s shares on the Canadian Securities Exchange 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.
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