Xagenic Inc., a Toronto, Canada-based molecular diagnostics company developing a new technology for decentralized, rapid diagnostic testing, has closed a $10m Series A financing.
The company intends to use the funds to develop a molecular diagnostic testing platform and lead tests designed for use in physician offices, clinics and hospital settings.
In conjunction with the financing, Dr. Shermaine Tilley and Mr. Richard Meadows, both of CTI, will be joining the company’s Board of Directors.
Led by CTO Dr. Shana Kelley, Xagenic Xagenic Inc. is a University of Toronto spinout company. It is developing a fully automated technology platform that will enable widespread decentralized diagnostic testing to be performed outside of clinical laboratories.