Xagenic, a molecular diagnostics company developing the lab-free Xagenic X1 platform for use at the point of care, has raised CAD15 million. Each of the Series B investors has participated in this financing, including Domain Associates, CTI Life Sciences, BDC Capital and the Ontario Capital Growth Corporation.
“This investment round is a testament to the faith our existing investors have in the power of the Xagenic X1 platform and the promise of our enzyme-free approach to molecular diagnostics,” says Timothy I Still, Chief Executive Officer of Xagenic. “This funding will accelerate our development efforts in bringing our point-of-care diagnostic platform to market.”
Xagenic's rapid, lab-free, molecular diagnostic system affords a large market opportunity created by a significant, unmet medical need for point-of-care diagnostic solutions. Because of its highly scalable, consumables-driven business model, Xagenic is well-positioned to capitalise on this opportunity with a differentiated product offering and unique menu strategy.
“It is clear that there is an immense appetite for in-office molecular testing to better meet clinicians’ diagnostic needs and to tailor treatments," says Jesse I Treu (pictured), Xagenic board chair and Partner at Domain Associates. "Domain and the other venture backers are excited by the potential Xagenic holds to provide a nearly immediate diagnostic result for patients with chlamydia and gonorrhea initially and other infectious diseases shortly thereafter. We are looking forward to the rapid expansion of the Xagenic X1 platform to other high value, high need molecular targets."