Funding to accelerate the development of a new, rapid molecular
diagnostic testing system.
TORONTO, Feb. 19, 2013 /CNW/ - Xagenic Inc., a privately held molecular
diagnostics company, today announced that it will receive up to
$990,000 in funding from the Government of Canada to support design and
development of the first lab-free molecular diagnostic platform with a
20-minute time to result.
The Honourable Gary Goodyear, Minister of State for the Federal Economic
Development Agency for Southern Ontario (FedDev Ontario), made the
announcement in the keynote speech at the Conference Board of Canada's
Business Innovation Summit 2013 in Toronto this morning.
The Investing in Business Innovation initiative is designed to boost
private sector investment in start-up businesses to accelerate the
development of new products, processes and practices and bring them to
"This investment from FedDev complements our $10M Series A venture
capital round, which included investments from CTI Life Sciences Fund,
the Ontario Emerging Technologies Fund (OETF) and QIAGEN N.V.", said
Shana Kelley, Chief Technology Officer of Xagenic. "In the current
environment, financial support from the Government enhances our
capabilities to develop cutting edge technologies that improve patient
care," added the company's Director of Business Development, Ihor
About Xagenic Inc.
Xagenic Inc. is a Toronto, ON-based, venture backed start-up company
developing the first lab-free molecular diagnostic platform with a
20-minute time to result. The company's fully automated technology
platform will enable widespread decentralized diagnostic testing to be
performed outside of clinical testing laboratories. Xagenic is
developing infectious disease diagnostic tests 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. More information on
Xagenic can be found at www.xagenic.com.
SOURCE: Xagenic Canada Inc.
For further information:
Shana Kelley, Ph.D.
Chief Technology Officer