NEW YORK (GenomeWeb News) – Molecular diagnostics startup Xagenic today announced the closing of a Series A financing round that raised C$10 million (US$10 million).
CTI Life Sciences Fund and the Ontario Emerging Technologies Fund led the round, with "significant participation" by Qiagen, Toronto-based Xagenic said. The money will go toward the development of a decentralized molecular diagnostic platform for use in doctors' offices, clinics, and hospital systems.
Its technology uses nanostructured microelectrodes to create nucleic acid sensors for detecting DNA and RNA. The speed of detection — pathogens can be detected in less than 30 minutes — allows the platform to be used outside of a centralized laboratory setting, the company said.
The system "promises to provide a breakthrough, robust solution to point-of-care testing without the need for nucleic acid amplification," Shermaine Tilley, a partner at CTI, said in a statement.
Xagenic was spun out of the University of Toronto in 2010, and the Series A round builds on C$2.2 million of seed funding. In July it received C$1 million from the Ontario Ministry of Research and Innovation to commercialize its technology.
In conjunction with today's funding, the company also announced that Tilley and Richard Meadows, also of CTI, are joining Xagenic's board. Xagenic CTO Shana Kelley will remain on the board and two independent members will be named shortly.