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FedDev Ontario awards Xagenic Inc. $990,000 through Investing in Business Innovation initiative

TORONTO, Feb. 19, 2013 — Xagenic Inc., a privately-held molecular diagnostics company, today announced that it will receive up to $990,000 in funding from the Government of Canada to support design and development of the first lab-free molecular diagnostic platform with a 20-minute time to result.

The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), made the announcement in the keynote speech at the Conference Board of Canada’s Business Innovation Summit 2013 in Toronto this morning.

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Xconomy names Xagenic to 2012’s Biotech Startup Class

MI spin-off company one of 30 listed in North America and the United Kingdom

Xconomy, a U.S.-based business news website, named Xagenic to its 2012 Biotech Startup Class.

Luke Timmerman‘s article, published December 3, 2012, sited Xagenic as one of only 30 “exciting biotech startups” to raise significant venture capital (at least $5 million) in the life sciences sector.

Xagenic, founded by Drs. Shana Kelley and Ted Sargent at the University of Toronto,  was also the only Canadian company named to the list.

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Xagenic Raises $10 million in Series A Financing

TORONTO (January 30, 2012) – Xagenic Inc., a start-up company created by Dr. Shana Kelley, in partnership with MaRS Innovation, today reached a significant milestone by successfully completing series A financing totaling $10 million.

The financing comes from sources from the private and public sector including CTI Life Sciences Fund L.P., Qiagen N.V. and the Ontario Capital Growth Corporation through its Emerging Technologies Fund.

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