Xagenic, a Canada-based molecular diagnostics company spun-out from research at the University of Toronto, closed a $10m series A round on Monday from investors including biotechnology company Qiagen N.V.
The round was co-led by venture capital investment partnership CTI Life Sciences Fund and regional government-backed investment unit the Ontario Emerging Technologies Fund.
Xagenic previously raised a $2.2m seed round in October 2010, led by MaRS Innovation, a commercialisation agent for the intellectual property developed by its academic and healthcare institutional members.
Xagenic is developing an automated technology platform that uses nanotechnology to perform a wide range of diagnostic tests in clinics, hospitals and physicians’ offices, as opposed to in clinical laboratories. The financing will be invested in improving and building on Xagenic’s molecular diagnostics platform.
In addition to the funding, Richard Meadows and Shermaine Tilley, managing director and partner at CTI, respectively, will join Xagenic’s board of directors.