Xagenic is a Toronto-based molecular diagnostics company developing the lab-free Xagenic X1™ platform for point-of-care use. The X1 platform is intended to allow users to perform lab-quality molecular diagnostic tests in the physician office with a reported time-to-result of 20 minutes. The company also maintains a San Francisco office. Xagenic is led by Chief Executive Officer Timothy I. Still. The company raised CAD$15M in funding and intends to use the proceeds to accelerate its development efforts. Backers listed in the article included Domain Associates, CTI Life Sciences, BDC Capital and the Ontario Capital Growth Corporation. Xagenic develops a fully-automated, lab-free molecular diagnostic platform designed to deliver results in about 20 minutes. The company is building a menu of infectious disease tests intended to improve patient care and reduce healthcare costs. Leadership includes Founder and CTO Shana Kelley and Executive Chairman Bruce Cohen. Xagenic recently closed an additional $5.5M tranche of its Series B, bringing the round to $25.5M, and added BDC Capital as an investor. Dion Madsen of BDC Capital will join Xagenic’s board of directors. The company plans to use the funds to continue its development program ahead of anticipated analytical and clinical study starts later this year. Xagenic received the Frost & Sullivan 2014 Point-of-Care Diagnostics New Product Innovation Leadership Award. Xagenic develops a lab-free molecular diagnostic platform built around its AuRA™ (Amplified Redox Assay) technology, which uses patent-protected nanostructured microelectrodes for rapid, enzyme-free direct detection of nucleic acids without sample extraction. The assay workflow is automated on a disposable cartridge that runs on a small system to enable on-demand, near-patient testing and inform treatment decisions at first consultation. The company says its platform delivers a 20-minute time-to-result. Xagenic intends to use the new financing to support ongoing development and clinical studies toward regulatory approval and commercialization of its platform and lead diagnostic assay. The company was spun out of the University of Toronto in 2010 and is led by Executive Chair Bruce Cohen. No operating metrics (revenue/users) were disclosed in the article. Xagenic is a Toronto-based molecular diagnostics company developing a lab-free platform to enable decentralized diagnostic testing outside clinical laboratories. The company will use government funds to support the design and development of that platform. The Government of Canada will provide up to $990K in funding for this work. This investment complements a recent $10M Series A venture capital round. That Series A included investments from CTI Life Sciences Fund, the Ontario Emerging Technologies Fund (OETF) and QIAGEN N.V. The company is positioning its technology to enable widespread diagnostic testing beyond traditional lab settings. Xagenic is a Toronto-based molecular diagnostics company developing a fully automated technology platform for decentralized, rapid diagnostic testing. Led by CTO Dr. Shana Kelley, the University of Toronto spinout aims to enable diagnostic testing outside clinical laboratories. The company plans to use the funds to develop the molecular diagnostic testing platform and to build lead tests intended for use in physician offices, clinics and hospital settings. Xagenic closed a $10M Series A financing to support that development. The round was co‑led by CTI Life Sciences Fund and the Ontario Emerging Technologies Fund, with participation from QIAGEN N.V. In conjunction with the financing, Dr. Shermaine Tilley and Richard Meadows of CTI will join Xagenic’s board of directors.

Total raised

$48M

Funding rounds

5

Latest round

Series B

Latest activity

Jul 2015