Xagenic's financing round to test platform and first diagnostic assay,
continue product development and begin FDA submission
TORONTO, Dec. 2, 2013 /CNW/ - MaRS Innovation's first start-up company, Xagenic Inc., is developing the first lab-free molecular diagnostic platform with a
20-minute time-to-result based on University of Toronto research by Professors Shana Kelley and Edward Sargent.
Today, Xagenic announced it has successfully closed a Series B financing
round totaling $20 million. New investor Domain Associates, LLC, led
the round, joined by existing investors who include CTI Life Sciences
Fund and the Ontario Emerging Technologies Fund.
Xagenic's revolutionary AuRA™ (Amplified Redox Assay) technology uses
patent-protected nanostructured microelectrodes to permit rapid,
enzyme-free, direct detection of nucleic acids from clinical specimens
without the need for sample extraction. The entire workflow is
automated on a disposable cartridge that runs on a small, easy-to-use
system that enables on-demand, near patient molecular testing,
empowering clinicians to make treatment decisions for their patients at
the time of first consultation.
"Xagenic created MaRS Innovation's model for how we turn exciting,
discovery-stage research into a meaningful approach to improved
healthcare," said Dr. Raphael Hofstein, president and CEO of MaRS Innovation.
Hofstein served as Xagenic's first chairman and CEO from 2010 to 2012.
Other MaRS Innovation staff filled key positions during the company's
earliest days, wrote its business development plan and assisted in
building a team to design Xagenic's operational AURA prototype.
"Xagenic's success reflects the merits of investing locally to retain
highly-skilled jobs," said Hofstein. "Xagenic now employs 25 people,
but if MaRS Innovation and others in Canada had not been here to
support it, those jobs would almost certainly be located elsewhere."
MaRS Innovation provided intellectual property protection and other key
strategic investments in Xagenic's technology during its pre-seed
stage, and led a seed-stage financing round that raised $2.2 million. Other seed-stage investors included the
Ontario Institute for Cancer Research (OICR), the Ontario Centres of
Excellence (OCE), the MaRS Investment Accelerator Fund (MaRS IAF), and
the Health Technologies Exchange (HTX).
That seed investment paved the road to Xagenic's $10 million Series A round in January 2012 and the current $20 million Series B round, the
proceeds from which will support ongoing development and clinical
studies as Xagenic executes on its plan to achieve regulatory approval
and commercialize its molecular diagnostic testing platform and lead
Xagenic was named Company of the Year at MaRS Innovation's annual
general meeting in September 2013. Read Xagenic's Series B announcement on CNW newswire.
About MaRS Innovation
MaRS Innovation is the commercialization agent for Ontario's exceptional discovery
pipeline from 16 leading academic institutions of $1 billion in annual research and development. Supported by the
Government of Canada through the Networks of Centres of Excellence, by the Government of Ontario through the Ontario Centres of Excellence, and by its 16 member institutions, MI is a transformational
partnership that turns research strengths into commercial
opportunities. MI's portfolio includes the most promising assets from its members' pipeline, which it
advances into global markets through industry partnerships, licensing
and company creation.
Image with caption: "MaRS Innovation, based in Toronto, Canada, is the commercialization agent for Ontario's exceptional discovery pipeline from 16 leading academic institutions. (CNW Group/MaRS Innovation)". Image available at: http://photos.newswire.ca/images/download/20131202_C6666_PHOTO_EN_34171.jpg
SOURCE: MaRS Innovation
For further information: