Xagenic Inc., a Toronto, Canada-based molecular diagnostics company, closed a $20m Series B financing.
The round was led by new investor Domain Associates, LLC, with participation from existing investors CTI Life Sciences Fund and the Ontario Emerging Technologies Fund. In conjunction with the financing, Jesse Treu, PhD, Partner at Domain Associates, will join Xagenic’s Board of Directors.
The company intends to use the funds for ongoing development and clinical studies towards regulatory approval and commercialization of its molecular diagnostic testing platform and lead diagnostic assay.
Led by Bruce Cohen, Executive Chair, Xagenic is developing a lab-free molecular diagnostic platform with a 20 minute time-to-result.
Originally developed at the University of Toronto, its AuRA™ (Amplified Redox Assay) 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 system that enables on-demand, near patient molecular testing, empowering clinicians in making treatment decisions for their patients at the time of first consultation.
Xagenic was spun out of the University of Toronto in 2010.