Funding will Support Product Development and FDA Submission of Testing
Platform and First Diagnostic Assay
TORONTO, Dec. 2, 2013 /CNW/ - Xagenic Inc., a molecular diagnostics
company developing the first lab-free molecular diagnostic platform
with a 20 minute time-to-result, today announced the close of a Series
B financing totaling $20 million. The round was led by new investor
Domain Associates, LLC, which was joined by existing investors
including CTI Life Sciences Fund and the Ontario Emerging Technologies
Fund. In conjunction with the financing, Jesse Treu, PhD, Partner at
Domain Associates, will join Xagenic's Board of Directors. The
proceeds from this round will support ongoing development and clinical
studies as the company executes on its plan towards regulatory approval
and commercialization of its molecular diagnostic testing platform and
lead diagnostic assay.
"Xagenic has developed a truly revolutionary diagnostic platform that
will drive molecular testing out of the high complexity lab and to the
point-of-care," commented Bruce Cohen, Executive Chair at Xagenic.
"The cost of adoption of the Xagenic platform is more than an order of
magnitude lower than that of any other molecular diagnostic platform,
which will finally make molecular testing approachable for physician
offices and clinics."
Cohen continued, "Xagenic has consistently delivered on its product
development plan. This new funding will support the activities to
advance our lead test and platform toward an FDA submission, accelerate
the development of our pipeline diagnostic tests focused on infectious
disease, and enable expansion of the company's partnering program."
"Xagenic's platform is unlike any we have seen to date," said Jesse
Treu. "For many years, in an effort to meet customer needs at the
point of care, companies have been unsuccessfully focusing their
efforts on pushing the limits in automating PCR. Xagenic has taken a
novel technological approach to solving the challenge of rapid, simple
molecular diagnostics. The easy-to-use, affordable desktop system and
future menu of tests have the ability to transform the way critical
patient diagnoses are made and acted upon."
The company'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 which runs on a small, easy-to-use
system that enables on-demand, near patient molecular testing,
empowering clinicians in making treatment decisions for their patients
at the time of first consultation.
The AuRA™ technology was originally developed at the University of
Toronto, and Xagenic was spun out of the University in 2010 with
financial backing from MaRS Innovation, the Investment Accelerator
Fund, the Ontario Institute for Cancer Research, the Health
Technologies Exchange, and the Ontario Centres of Excellence.
About Xagenic Inc.
Xagenic Inc. is a privately held molecular diagnostics company located
in Toronto, Canada. The company is developing a fully automated
diagnostic platform that will enable widespread decentralized testing
to be performed outside of clinical laboratories. Tests are being
developed for the platform 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. For more information, please visit http://www.xagenic.com.
About Domain Associates
Founded in 1985, Domain Associates, L.L.C. is a venture capital firm
with an exclusive focus on investing in life science companies that
advance human health. Domain's focused network, deep experience, and
dependable reputation have made it one of the top private-equity groups
participating in healthcare investing. With more than $2.7 billion in
capital raised, Domain invests in three major segments:
pharmaceuticals, diagnostics, and medical devices. The partners of
Domain have a total of more than 270 person-years of experience among
them in the healthcare and venture capital industries and have been
involved in the formation and growth of more than 250 life sciences
companies. Representative past investments include Amgen, Amylin
Pharmaceuticals, Cerexa, Biosite, Dura Pharmaceuticals, Pharmion and
Volcano. Domain has offices in Princeton, N.J. and San Diego. For more
information, please visit http://www.domainvc.com.
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, please
SOURCE: Xagenic Canada Inc.
For further information:
Shana Kelley, Ph.D.
Founder & Chief Technology Officer