Xagenic Inc., a privately held molecular diagnostics company developing a new technology for decentralized, rapid diagnostic testing, announced the close of a Series A financing totaling $10 million. The financing was co-led by CTI Life Sciences Fund (CTI) and the Ontario Emerging Technologies Fund (OETF) with significant participation by QIAGEN N.V.. The funds will be used to develop a molecular diagnostic testing platform and lead tests designed for use in physician offices, clinics and hospital settings.
Xagenic Inc. is a University of Toronto spinout company based in downtown Toronto. This round of financing builds on a $2.2 million seed round raised in 2010, led by MaRS Innovation.
In conjunction with the closing of this financing, Dr. Shermaine Tilley and Mr. Richard Meadows, both of CTI, will be joining the Board of Directors. Dr. Shana Kelley will remain on the Board and two independent directors will be named shortly.
"We are delighted to have attracted this strong syndicate of investors and look forward to working with them towards establishing Xagenic as a world leader offering rapid, on-demand diagnostic tests that will dramatically improve patient care and lower health care costs", says Dr. Shana Kelley, CTO of Xagenic Inc. "In the past year, Xagenic has achieved a number of key milestones by effectively utilizing our seed financing. The resources provided by this Series A syndicate will allow us to continue to execute our plan of delivering compelling solutions to healthcare's most pressing diagnostic challenges."
"Xagenic's diagnostic testing system, which employs nanotechnology-based microelectrodes, promises to provide a breakthrough, robust solution to point-of-care testing without the need for nucleic acid amplification. We are pleased to co-lead this investment round and provide leadership in building the Company in the future", says Dr. Shermaine Tilley, Partner, CTI.