TORONTO, Jan. 30, 2012 /CNW/ - Xagenic Inc., a start-up company created
by University of Toronto Professor Dr. Shana Kelley, in partnership
with MaRS Innovation (MI), today reached a significant milestone with
the completion of 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 Ontario Capital
Growth Corporation through its Emerging Technologies Fund.
"MI is proud that our first portfolio investment and first spin-off has
reached such an important milestone in its evolution. With more than
$12.2-million in funding secured to date and in such a short period of
time, it's clear that there's tremendous excitement behind Xagenic's
breakthrough diagnostic technology and its potential benefits to
patient care," said Rafi Hofstein, CEO of MI.
Diagnostic tests that are currently on the market are considered
complex, time-consuming and require skilled laboratory technicians.
Xagenic employs its patented nanostructured microelectrodes to achieve
highly sensitive nucleic acid sensors that detect DNA and RNA at
record-breaking speed. The technology enables a faster detection of
pathogens (in less than 30 minutes) and at the point-of-care (in either
a physician's office or at a patient's bedside). For patients, a
quicker diagnosis of conditions (ranging from infectious disease to
cancer) can mean less anxiety and faster treatment decisions.
"In today's highly competitive economy, the success in attracting
significant investment to Xagenic is a clear signal that Toronto is an
outstanding place to incubate ideas, find discoveries and commercialize
our successes," said Dr. Kelley, Chief Technical Officer and founder of
Xagenic Inc. "This investment in Xagenic will mean that we can advance
our plans to commercialize our technology, create dynamic jobs and fuel
the research economy."
Since its establishment in 2010, Toronto-based Xagenic has secured
funding from several leading, Canadian-based organizations including:
MaRS Innovation; the MaRS Investment Accelerator Fund; HTX, The Health
Technology Exchange; the Ontario Institute for Cancer Research; and the
Ontario Centre of Excellence (Centre for Commercialization of
About MaRS Innovation
MaRS Innovation provides an integrated commercialization platform that
harnesses the economic potential of the exceptional discovery pipeline
of 16 leading Toronto academic institutions. MaRS Innovation is a
non-profit organization with an independent industry-led Board of
Directors, funded through the Government of Canada's Networks of
Centres of Excellence and contributions of its member institutions.
Designed to enhance the commercial output of Toronto's outstanding
scientific research cluster, MaRS Innovation will make a significant
contribution to Canada's economic outlook and the quality of life for
Canadians and others around the world. MaRS Innovation will advance
commercialization through industry partnerships, licensing and company
creation. The MaRS Innovation mission is to put Canada on the global
innovation stage, by better connection research with industry and
strengthening Canada's competitive capacity in knowledge based business
- in short, to launch and new generation of robust, high-growth
Canadian companies that will become global market leaders. For more
information, visit www.marsinnovation.com
About Xagenic Canada Inc.
Founded in 2010 and based in Toronto, life sciences company Xagenic is
pioneering a cutting-edge, chip-based diagnostic screening technology
that uses nanotechnology-based microelectrodes. This technology,
invented at the University of Toronto by renowned scientist and
Professor Dr. Shana Kelley, is being developed to address a large
clinical unmet need: rapid, on-demand, sample-to-answer detection of
pathogens in less than 30 minutes.
SOURCE MaRS Innovation
For further information:
Rafi Hofstein, President & CEO
MaRS Innovation and Xagenic Inc.
647.260.7868 or firstname.lastname@example.org