NEW YORK (GenomeWeb News) – Startup molecular diagnostics company Xagenic today announced funding of up to C$990,000 (US$977,495) from the Canadian government in support of its diagnostic platform.
The funding from the Federal Economic Development Agency for Southern Ontario complements the Toronto-based firm's C$10 million Series A round last year, Xagenic Chief Technology Officer Shana Kelley said, and will be used to support the design and development of the firm's molecular diagnostic platform with a 20-minute time to result.
Xagenic was spun out of the University of Toronto in 2010 and its platform is being developed for use in physician offices, clinics, and hospital systems. The technology uses nanostructured microelectrodes to create nucleic acid sensors to detect DNA and RNA
"In the current environment, financial support from the government enhances our capabilities to develop cutting edge technologies that improve patient care," Xagenic Director of Business Development Ihor Boszko said in a statement.
In 2011, the company received C$1 million from the Ontario Ministry of Research and Innovation to commercialize its microarray-based technology.