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Molecular diagnostics company Xagenic raises $20m Series B

3 Dec 2013

Panasonic HealthcareToronto-based molecular diagnostics company Xagenic has secured $20m in a Series B round led by new investor Domain Associates.

Existing backers CTI Life Sciences Fund and the Ontario Emerging Technologies Fund (OETF) also participated in the round.

The round came nearly two years after Xagenic raised a $10m Series A, which was co-led by CTI and OETF. Back in 2010 the company secured $2.2m in a seed funding round.

The company will use the funds to support ongoing development and clinical studies to progress towards regulatory approval and commercialization of its molecular diagnostic testing platform.

Domain partner Jesse Treu said, “Xagenic’s platform is unlike any we have seen to date. 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.”

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