Xagenic Inc, Toronto, a molecular diagnostics company developing the first lab-free molecular diagnostics platform with a 20-minute time to result, recently announced the close of a Series B financing totaling $20 million. The funding will support product development and FDA submission of the testing platform and its first 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.”
The company’s amplified redox assay (AuRA) 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 to make 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. The Series B 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.
