well their private placement was for 750,000. Why would you set that up for less than what was needed. They stated they had other money involved through insiders to help reach their goal. Here was their private placement from November. Below is both the monthly report and the private placement. They are saying this is the last stretch to FDA approval, why wouldn't they be asking for the needed funds to finish? They also state they were preparing for the marketing and maybe thats where more money comes into play. But to finish FDA it sounded like they needed the $750,000.
During the month of November, the Company focused on recruiting clinical trial
sites for its upcoming multi-center clinical study.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 2
Additionally, in the month of November the Issuer continued its outreach activities
to eligible brokers and investment advisors in the United States and Canada in
support of its upcoming private placement financings.[color=red][/color]
2. Provide a general overview and discussion of the activities of management.
Management focused on fundraising activities in addition to support of its clinical
studies for clearance of the HeartSentry device by the US FDA. Additionally,
management is developing the commercialization and reimbursement strategy plans
for the company for HeartSentry market introduction. The Issuer is developing a
new and disruptive product for measuring endothelial function as a long-term
predictor of cardiovascular system health.
3. Describe and provide details of any new products or services d
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Lexington Biosciences, Inc.
Suite 1900, 1055 West Hastings Street
Vancouver, British Columbia, Canada V6E 2E9
Lexington Announces Q3 2018 Financial Results and Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA – November 29, 2018 - Lexington Biosciences, Inc. (CSE: LNB) (OTCQB: LXGTF) (the “Company” or “Lexington”) announces the release of the Company’s Condensed Consolidated Interim Financial Statements and the Management’s Discussion and Analysis for the three and nine month period ended September 30, 2018 and 2017 which are available for viewing at the Company’s website (www.lexingtonbiosciences.com) or on SEDAR(www.sedar.com).
The Company also announces that it intends to sell, by way of a non-brokered private placement up to 7.5 million units of the Company (“Units”) at a price of $0.10 per Unit for gross proceeds of up to $750,000 (the “Offering”). Currently the Company has received an advance portion of these funds by the management team, Board of Directors and other insiders to be including in the financing.
Each Unit will consist of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant will be exercisable to buy one common share of the Company for a period of 36 months at a price of $0.15.
The Company intends to use the net proceeds of the Offering to advance the development of the Company’s HeartSentry measurement device, and for general working capital purposes. The Company may pay finder’s fees in connection with the Offering and it is anticipated that certain insiders of the Company will participate in the Offering.
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