Xagenic Inc., a Toronto, Ontario, Canada-based molecular diagnostics company developing a lab-free molecular diagnostic platform, closed a $5.5m second tranche of its Series B financing, bringing the total raised in this round to $25.5m.
In conjunction with this closing, new investor BDC Capital joined as an investor and Dion Madsen, Senior Managing Partner at BDC Capital, will join Xagenic’s Board of Directors.
The company intends to use the funds to continue its development program in anticipation of analytical and clinical study start later this year.
Led by Shana Kelley, Founder and CTO, and Bruce Cohen, Executive Chairman, Xagenic develops a fully-automated molecular diagnostic platform that will enable lab-free testing with a time-to-result of 20 minutes. The company is developing a menu of infectious disease tests that will have a positive impact on patient care and reduce health care costs.
Xagenic recently received the Frost & Sullivan 2014 Point-of-Care Diagnostics New Product Innovation Leadership Award.
02/12/2013: Xagenic Closes $20M Series B Financing