point of care diagnostics

Xagenic announces $15 million financing round with Series B investors

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.

PE Hub, Cantech Letter, Genome Web, Fierce Medical Devices and the Wall Street Journal‘s Venture Capital Dispatch blog covered this announcement.

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.

Xagenic announces $6 million GAAP partnership for Hepatitis C testing; appoints president and CEO

Xagenic Inc., a molecular diagnostics company developing the first lab-free molecular diagnostic platform with a 20 minute time-to-result, announced October 15, 2014 that its project in partnership with the University of Toronto was successful in securing funding from Genome Canada under the Genomic Applications Partnership Program (GAPP).

The funding, announced by the Honourable Ed Holder, Minister of State (Science and Technology) and Dr. Pierre Meulien, president and CEO of Genome Canada, is part of 12 selected projects under Genome Canada’s Genomic Applications Partnership Program (GAPP), on October 15 in Wallenstein, Ontario.

The project titled “Development of Low Cost Testing Chip and Device for Hepatitis C Testing” was approved with funding up to a maximum of $5,999,865 over three years. The Ontario Ministry of Research and Innovation is supporting the project with a grant matching the Genome Canada contribution.

“This is a tremendous opportunity for us to leverage the viral assay development and electrochemical detection expertise in the labs of Dr. Shana Kelley and Dr. Edward Sargent at the University of Toronto to significantly advance our own research programs on several fronts,” said Dr. Graham D. Jack, Xagenic’s senior director of Research and Development. “Under this joint program, we anticipate development of a new lower-cost substrate chip, which will significantly bring down the total cost of our in-cartridge AuRA™ detection technology.

Timothy I. Still appointed Xagenic’s president and CEO

On October 16, 2014, Xagenic also announced that Timothy I. Still has been appointed president and CEO, and will serve as a member of Xagenic Inc.’s board of directors.

This announcement was covered in PE Hub.

Frost & Sullivan awards Xagenic award for new product innovation leadership

May 20, 2014
Susanne Staer
Awards

Market research company lauds start-up for developing a breakthrough workflow while dramatically improving point-of-care diagnosis

(MOUNTAIN VIEW, Calif) May 20, 2014 — Based on its recent analysis of the point-of-care diagnostics market, Frost & Sullivan recognizes Xagenic Inc. with the 2014 North America Frost & Sullivan Award for New Product Innovation Leadership.

Xagenic’s revolutionary product, the Xagenic X1™ system, is a point-of-care platform with intuitive features to provide lab-free molecular diagnostic testing. It is unique as a low-cost, simple, rapid sample-to-answer desktop instrument, requiring no manual sample processing or cold storage. Currently, the platform is in the beta-testing phase and is expected to launch between 2015 and 2016.

Dr. Shana Kelley and Xagenic were featured in the Globe and Mail on May 20, 2014.

Read the detailed Frost & Sullivan Best Practices Research Report report on Xagenic’s website. Xagenic is MaRS Innovation’s lead start-up company, in partnership with the University of Toronto: Xagenic news archive.

For its portfolio of cartridge-based tests, Xagenic focuses on infectious diseases (HSV 1+2, Flu A+B, CT/NG, strep A, group B strep, trichomoniasis, HCV and upper respiratory infections) that will benefit the most from rapid on-site testing. The company also intends to apply the platform to counter a critical public health threat—antimicrobial resistance.

MI’s Joel Liederman opens medical device panel at BioTransfer 2014

Joel Liederman, MaRS Innovation's vice-president of Business Development and Commercialization for physical sciences, is attending BioTransfer 2014 on March 18 to chair the Medical Devices Committee. This is the first year that…