TORONTO--(BUSINESS WIRE)--Xagenic, a molecular diagnostics company developing the lab-free Xagenic X1™ platform for use at the point of care, today announced that it has raised $15 Million (CAD). 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,” said 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 capitalize 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," said Jesse I. Treu Ph.D., 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."
Xagenic is a privately-held molecular diagnostics company developing the Xagenic X1™ platform, a revolutionary diagnostic system designed from its inception for use in a clinician’s office. The Xagenic X1 platform will allow users to perform lab-quality molecular diagnostic tests in the physician office. With a time-to-result of 20 minutes, the system is poised to transform the way healthcare is delivered. The Company is backed by Domain Associates, CTI Life Sciences Fund, the Ontario Capital Growth Corporation, BDC Capital and Qiagen. Xagenic was the 2014 Frost & Sullivan Point-of-Care Diagnostics New Product Innovation Leadership Award winner and the recipient of the 2015 Life Science Company of the Year award from Life Sciences Ontario. The Company is headquartered in Toronto with a San Francisco office. For more information, please visit www.xagenic.com.
About Domain Associates
Founded in 1985, Domain Associates, L.L.C. is a venture capital firm with an exclusive focus on investing in life science companies that advance human health. Domain's focused network, deep experience, and dependable reputation have made it one of the top private-equity groups participating in healthcare investing. With more than $2.7 billion in capital raised, Domain invests in three major segments: pharmaceuticals, diagnostics, and medical devices. The partners of Domain have a total of more than 270 person-years of experience among them in the healthcare and venture capital industries and have been involved in the formation and growth of more than 250 life sciences companies. Representative past investments include Amgen, Amylin Pharmaceuticals, Cerexa, Biosite, Dura Pharmaceuticals, Pharmion and Volcano. Domain has offices in Princeton, N.J. and San Diego. For more information, please visit http://www.domainvc.com.
About CTI Life Sciences Fund
CTI is a Montreal-based limited partnership making venture capital investments in high quality emerging life sciences companies at the start-up and clinical development stage primarily in Canada. CTI has a diverse team of professionals in science and finance with extensive experience in the biotechnology and the pharmaceutical industries. The Fund works closely with entrepreneurs and researchers to increase the value of young companies. More information on CTI can be found at http://www.ctisciences.com.
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 OETF is a $250-million fund that co-invests alongside qualified investors in innovative, high-growth, private Ontario companies. The fund focuses on investments in Ontario companies in three sectors: clean technology, life sciences and advanced health technologies, and digital media and information and communications technology. For more information, please visit http://www.ocgc.gov.on.ca/.
About BDC Capital
A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term.
From venture capital to equity to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter at @BDC_Capital.