Funding will support development of on-demand molecular diagnostic
system and lead tests; changes to Board of Directors announced
TORONTO, Jan. 30, 2012 /CNW/ - Xagenic Inc., a privately held molecular
diagnostics company developing a new technology for decentralized,
rapid diagnostic testing, today announced the close of a Series A
financing totaling $10 million. The financing was co-led by CTI Life
Sciences Fund (CTI) and the Ontario Emerging Technologies Fund (OETF)
with significant participation by QIAGEN N.V.. The funds will be used
to develop a molecular diagnostic testing platform and lead tests
designed for use in physician offices, clinics and hospital settings.
Xagenic Inc. is a University of Toronto spinout company based in
downtown Toronto. This round of financing builds on a $2.2 million
seed round raised in 2010, led by MaRS Innovation.
In conjunction with the closing of this financing, Dr. Shermaine Tilley
and Mr. Richard Meadows, both of CTI, will be joining the Board of
Directors. Dr. Shana Kelley will remain on the Board and two
independent directors will be named shortly.
"We are delighted to have attracted this strong syndicate of investors
and look forward to working with them towards establishing Xagenic as a
world leader offering rapid, on-demand diagnostic tests that will
dramatically improve patient care and lower health care costs", says
Dr. Shana Kelley, CTO of Xagenic Inc. "In the past year, Xagenic has
achieved a number of key milestones by effectively utilizing our seed
financing. The resources provided by this Series A syndicate will
allow us to continue to execute our plan of delivering compelling
solutions to healthcare's most pressing diagnostic challenges."
"Xagenic's diagnostic testing system, which employs nanotechnology-based
microelectrodes, promises to provide a breakthrough, robust solution to
point-of-care testing without the need for nucleic acid amplification.
We are pleased to co-lead this investment round and provide leadership
in building the Company in the future", says Dr. Shermaine Tilley,
About Xagenic Inc.
Xagenic Inc. is a molecular diagnostics company located in Toronto,
Canada. The company is developing a fully automated technology platform
that will enable widespread decentralized diagnostic testing to be
performed outside of clinical laboratories. Tests are under development
that will allow the detection of a variety of analytes in situations
where rapid test turnaround will provide clinically actionable results
that dramatically improve patient care and reduce health care costs.
About CTI Life Sciences Fund
CTI is a Montreal-based limited partnership making venture capital
investments in high quality emerging life sciences companies at the
start-up and clinical development stage primarily in Canada. CTI has a
diverse team of professionals in science and finance with extensive
experience in the biotechnology and the pharmaceutical industries. The
Fund works closely with entrepreneurs and researchers to increase the
value of young companies. More information on CTI can be found at http://www.ctisciences.com.
The Ontario Emerging Technologies Fund (OETF) is a direct investment
fund established in 2009 by the Province of Ontario and administered by
the Ontario Capital Growth Corporation (OCGC), an agency of the
Ministry of Economic Development and Innovation. The OETF is a
$250-million fund that co-invests alongside qualified investors in
innovative, high-growth, private Ontario companies. The fund focuses on
investments in Ontario companies in three sectors: clean technology,
life sciences and advanced health technologies, and digital media and
information and communications technology. For more information, www.ontario.ca/ocgc.
About QIAGEN N.V.
Qiagen is a leading provider of sample and assay technologies for
molecular diagnostics, applied testing, and academic and pharmaceutical
research. The company has developed and markets more than 500
consumable products and automated solutions. QIAGEN's assay
technologies include one of the broadest panels of molecular diagnostic
tests available worldwide. This panel includes the digene HPV Test,
which is regarded as a "gold standard" in testing for high-risk types
of human papillomavirus (HPV), the primary cause of cervical cancer, as
well as a broad suite of solutions for infectious disease testing and
companion diagnostics. QIAGEN employs more than 3,600 people in over
35 locations worldwide, and with over $US 3 billion in market cap and
over $US 1 billion in 2010 revenues, is one of the pre-eminent players
in this space. For more information, http://www.qiagen.com.
SOURCE Xagenic Canada Inc.
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