University of Toronto Spin-Off, Xagenic, Receives $300,000 from The Health Technology Exchange (HTX)
Ontario Minister of Research and Innovation Glen Murray (right), Dr. Shana Kelley, Chief Scientific Officer, Xagenic (centre) and John Soloninka, President and CEO, The Health Technology Exchange (HTX) (left) at HTX's Open House in Toronto Wednesday evening following the announcement of $300K in financing for Xagenic. (CNW Group/htx.ca - the Health Technology Exchange (HTX))
First financing to be provided by Ontario's MRI-backed Health Technology Commercialization Program
TORONTO, Oct. 14 /CNW/ - HTX today announced it is providing $300,000 in financing to Xagenic, a spin-off company created by Dr. Shana Kelley, a Professor at the University of Toronto with past commercialization experience.
The company is developing a rapid, point-of-care device for disease diagnosis. The underlying technology can also be used for infectious and genetic diseases, as well as cancer diagnosis. Xagenic's disruptive technology could potentially displace the time-consuming, labor-intensive methods (PCR) currently in use for molecular diagnostics and detection.
"HTX's funding will enable Xagenic and its clinical development partner, the University Health Network [UHN], to confirm critical clinical sensitivity and specificity parameters for the technology," explained Dr. Kelley.
Benefits to Ontario:
- UHN's Director of Infection Control, Dr. Michael Gardam, states that the development of the Xagenic platform could play an important role in reducing the spread, mortality and costs of infectious diseases by identifying those infections much earlier than other methods.
- Tests currently on the market are neither sufficiently fast nor cost-effective to be used in a screening capacity.
- Xagenic's technology is ultrasensitive, target-specific and cost-effective without the requirements for capital equipment in a centralized lab. It can be easily multiplexed and automated, all of which increase throughput, and allow the technology to cover multiple infectious diseases.
- Xagenic is expected to create five Ontario jobs during the project, with more anticipated as the company pursues commercialization.
This is the first "performance-based loan" to be approved by the Health Technology Commercialization Program, which HTX launched this past May after a $21.4 million investment from the Ontario government.
"This is an important milestone for HTX: the Xagenic technology is the first to successfully pass our rigorous internal and third-party business, scientific and financial diligence, as well as being a collaboration between MaRS Innovation, the Ontario Institute for Cancer Research, and the Centre of Excellence for Commercialization of Research," said John Soloninka, President and CEO of HTX. "The HTX system is fully operational and Xagenic is the first of many innovative projects that are coming down the pipeline."
From Invention through to Innovation to International Invoice, HTX supports emerging and established Ontario-based companies to develop, produce and commercialize innovative market-leading advanced health technologies. HTX is funded by the Government of Ontario through the Ministry of Research and Innovation. For more information about our programs and services, please visit www.htx.ca.
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