Canadian molecular diagnostics company Xagenic has closed its Series A financing totaling $10m. The financing was co-led by CTI Life Sciences Fund (CTI) and the Ontario Emerging Technologies Fund (OETF) with participation from pharmaceutical group QIAGEN.
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, the company said.
Xagenic is a University of Toronto spin-out company based in downtown Toronto. This round of financing builds on a $2.2m seed round raised in 2010, led by MaRS Innovation.
In conjunction with the closing of this financing, Dr Shermaine Tilley and Richard Meadows, both of CTI, will join the company’s board of directors.
“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”, said Dr Tilley.
CTI is a Montreal-based limited partnership that targets venture capital investments in emerging life sciences companies at the start-up and clinical development stag,e primarily in Canada.
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 $250k fund co-invests alongside investors in clean technology, life sciences and advanced health technologies, and digital media and information and communications technology sectors.
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