LexaGene Holdings Inc. said it plans to raise up to about C$2 million in gross proceeds through a nonbrokered private placement.

The company plans to sell up to 3 million units for 65 Canadian cents apiece, with each unit consisting of one common share and one common share purchase warrant.

Each warrant can be exercised at 85 cents per share for a period of 15 months from the issuance of the units.

LexaGene expects to use the net proceeds from the private placement to develop its LX Analyzer and for related corporate activities including marketing of the technology.

Beverly, Mass.-based LexaGene is a biotechnology company developing an automated pathogen detection platform for veterinary diagnostics, food safety and other markets.