Xagenic, a Canada-based molecular diagnostics company backed by biotechnology company Qiagen, secured $15m in its series C round yesterday.
The round included backing from Domain Associates, CTI Life Sciences and Ontario government-backed Ontario Capital Growth, as well as BDC Capital, a subsidiary of state-backed Business Development Bank of Canada.
Xagenic has developed a platform called Xagenic X1 that enables users to conduct lab-quality molecular tests in a general practitioner’s surgery. The platform, which is based on research at University of Toronto, produces results within 20 minutes.
The company previously raised $25.5m in a series B round featuring Domain, CTI, Ontario Emerging Technologies Fund, which is managed by Ontario Capital Growth, and BDC Capital. The round was raised in two tranches and closed in July 2014.
Qiagen participated in Xagenic’s $10m series A round alongside CTI and Ontario Growth Capital in 2012.
Xagenic has now raised apporixmately $52.7m in total from investors also including Mars Innovation, HTX, Ontario Institute for Cancer Research, Ontario Centre of Excellence’s Centre for Commercialization of Research and the Ministry of Research and Innovation in Ontario.
Timothy Still, chief executive of Xagenic, said: “This funding will accelerate our development efforts in bringing our point-of-care diagnostic platform to market.”