THUNDER BAY, ON, May 28, 2014 /CNW/ - XLV Diagnostics Inc., a MaRS Innovation (MI) start-up company based in Thunder Bay and
specializing in low-cost, next-generation digital mammography machines,
has closed a $3 million Series A investment round with Boston-based
Bernard M. Gordon Charitable Remainder Unitrust. The funding will
support continued product development and regulatory approval.
XLV's product will provide mammography image quality equivalent to
top-of-the-line mammography machines currently in use, and will do so
at a fraction of the cost of current generation systems.
In traditional markets, many radiology departments are replacing film
and screen systems with x-ray digital technology. XLV's machines are of
great interest particularly in emerging markets where over 600 million
women have inadequate access to screening for early breast cancer
"XLV's technology is attractive in emerging markets, such as China,
India and Brazil, where breast cancer cases are outpacing access to
image based diagnostic technology," said Sorin Marcovici, president and
CEO of XLV Diagnostics. "This financing supports multiple key
milestones along the path to installing the first XLV clinical
mammography machine at Thunder Bay Regional Health Sciences Centre and
obtaining Canadian, U.S. and European regulatory approvals in
preparation for taking our product global."
Marcovici, named CEO in 2014, brings many years of worldwide, corporate
business development experience and innovative technical leadership in
multi-modality medical imaging, Selenium based flat-panel detectors,
digital radiology and electronics. Until 2011, he was Analogic
Corporation's Vice President and Chief Technology Officer.
"As investors experienced in medical devices, we were very impressed
with the robust and affordable digital mammography system that XLV is
developing," said Bernard Gordon. "We look forward to combining our
many years of experience in launching medical device companies with the
innovative academic research that emanated from XLV's founding
institutions, and to working with the company's seasoned management
XLV's technology is based on Dr. John Rowlands' research at Sunnybrook
Health Sciences Centre and Thunder Bay Regional Research Institute
(TBRRI) where he was the founding scientific director.
"XLV Diagnostics is built on a great partnership between engineers,
scientists and commercialization experts in Thunder Bay and Toronto,"
said Dr. Raphael Hofstein, MI's president and CEO. "Dr. Rowlands was
XLV's scientific visionary, but MI's Joel Liederman became the business
partner who launched and built XLV into the successful start-up it is
today. Joel was XLV's CEO for three years. He secured early-stage
funding, oversaw design and development of XLV's mammography system,
worked with our patent experts to protect its technology and hired the
technical and managerial expertise to help the company grow."
Incorporated in 2011 and with seed funding from MI, the Ontario
Institute for Cancer Research, TBRRI and Sunnybrook, XLV Diagnostics
received $600,000 in non-dilutive funding from FedNor, the Government
of Canada's regional development organization for Northern Ontario and
the Northern Ontario Heritage Fund Corporation. This investment
directly led to XLV growing its team and developing its equipment in
Northern Ontario, where the company plans to remain headquartered.
"XLV Diagnostics is a good example of the spinoff companies that emerge
from Thunder Bay Regional Research Institute," said Roxanne
Deslauriers, acting CEO of TBRRI, "They not only address patient needs,
but also create positive economic and healthcare impacts for
Northwestern Ontario and beyond. Partnerships such as this will
continue to fuel our health sciences cluster."
SOURCE: XLV Diagnostics Inc.
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