The Wall Street Journal

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.

ChipCare closes oversubscribed $5 million series A financing

With lead investment from Puffin Partners, the Ontario, Canada-based company is taking lifesaving blood-testing technology to low- and middle-income countries

ChipCare device — ChipCare’s technology will provide simple-to-use, mobile, lab-quality blood testing for remote health settings. The **University of Toronto** start-up company’s first HIV-related test, targeted at linking people with HIV to appropriate treatments, is scheduled to hit the market in late 2016.

TORONTO, March 3, 2015 — ChipCare Corporation, a University of Toronto start-up company commercializing a handheld, blood-testing platform for HIV and other infectious and non-communicable diseases has closed a $5.045 million Series A financing to bring its first-generation product to market while further developing the platform’s next generation products.

The Wall Street Journal‘s Venture Capital Dispatch blog, Yonge Street Media, BetaKit and PEHub covered this announcement, along with the University of Toronto’s news site and a follow-up BetaKit article on how smartphones and start-ups are increasing access to healthcare. Information about past ChipCare investment rounds and other company information is available in our ChipCare news archive.

Insufficient access in remote health settings to simple, accurate and affordable diagnostic tests makes it difficult to provide timely, evidence-based clinical care. Current technology within central laboratories cannot fulfill the existing need in remote health settings, including community level health facilities, remote communities, emergency departments, ICUs and doctors’ offices. The result is millions of preventable deaths from infectious and non-communicable diseases globally, reduced economic growth, and limited human development.

ChipCare’s technology will provide simple-to-use, mobile, lab-quality blood testing in remote health settings. The company’s first HIV-related test, targeted at linking people with HIV to appropriate treatments, is scheduled to hit the market in late 2016. The company is developing other products that leverage unique attributes of ChipCare’s technology.

Puffin Partners, LP, of Dallas, Texas led the financing round, which includes existing investors MaRS Innovation and Maple Leaf Angels, and new investors, including the Winfield Venture Group, Epic Capital, and additional Canadian and U.S. Angel investors.

Portfolio snapshot: UTEST in the Wall Street Journal, OtoSim & Sylleta win pitch competitions

April 14, 2014
Susanne Staer
Awards

Here's a snapshot of some recent portfolio activity: UTEST, the early-stage technology accelerator MI runs in partnership with the University of Toronto, was cited in the Wall Street Journal as…

The Wall Street Journal

Xagenic announces $15 million financing round with Series B investors

ChipCare closes oversubscribed $5 million series A financing

With lead investment from Puffin Partners, the Ontario, Canada-based company is taking lifesaving blood-testing technology to low- and middle-income countries

Portfolio snapshot: UTEST in the Wall Street Journal, OtoSim & Sylleta win pitch competitions

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