TORONTO (July 9, 2015) — Xagenic, a molecular diagnostics company developing the lab-free Xagenic X1™ platform for point-of-care use, today announced that it has raised $15 million (CAD). Each of the company’s Series B investors has participated in this financing, including Domain Associates, CTI Life Sciences, BDC Capital and the Ontario Capital Growth Corporation.
In June, Xagenic also announced it has acquired exclusive rights to a mutation detection technology with potential applications to liquid biopsy testing. The electrochemical clamp assay technology was developed by University of Toronto Professor and Xagenic Founder (now CTO) Dr. Shana Kelley. Genome Web covered the news in June and July 2015.
“This investment round is a testament to the faith our existing investors have in the power of the Xagenic X1™ platform and the promise of our enzyme-free approach to molecular diagnostics,” said Timothy I. Still, Xagenic’s CEO. “This funding will accelerate our development efforts in bringing our point-of-care diagnostic platform to market.”
Xagenic’s rapid, lab-free, molecular diagnostic system affords a large market opportunity created by a significant, unmet medical need for point-of-care diagnostic solutions. Because of its highly scalable, consumables-driven business model, Xagenic is well-positioned to capitalize on this opportunity with a differentiated product offering and unique menu strategy.
“It’s clear there’s an immense appetite for in-office molecular testing to better meet clinicians’ diagnostic needs and to tailor treatments,” said Jesse I. Treu Ph.D., Xagenic board chair and partner at Domain Associates. “Domain and the other venture backers are excited by Xagenic’s potential to provide a nearly immediate diagnostic result for patients with chlamydia — and gonorrhea initially and other infectious diseases shortly thereafter. We are looking forward to the rapid expansion of the Xagenic X1 platform to other high value, high need molecular targets.”
Xagenic is a privately-held molecular diagnostics company developing the Xagenic X1™ platform, a revolutionary diagnostic system designed from its inception for use in a clinician’s office. The Xagenic X1 platform will allow users to perform lab-quality molecular diagnostic tests in a physician’s office. With a time-to-result of 20 minutes, the system is poised to transform the way healthcare is delivered. The company is backed by Domain Associates, CTI Life Sciences Fund, the Ontario Capital Growth Corporation, BDC Capital and Qiagen. Xagenic was the 2014 Frost & Sullivan Point-of-Care Diagnostics New Product Innovation Leadership Award winner and the recipient of the 2015 Life Science Company of the Year award from Life Sciences Ontario. The company is headquartered in Toronto with a San Francisco office.