Xagenic, a Canada-based molecular diagnostics company spun-out from research at the University of Toronto and backed by investors including Netherlands-based, assay technology company Qiagen N.V., has raised $20m series B financing led by new investor, venture capital firm Domain Associates and joined by existing investors including venture capital investment partnership CTI Life Sciences Fund and regional government-backed investment unit, the Ontario Emerging Technologies Fund.
Proceeds from the funding will be used to support product development and commercialisation of the company’s molecular diagnostic testing platform and lead diagnostic assay.
Previously, in January 2012, Xagenic closed a $10m series A round, and a $2.2m seed round in October 2010.
Jesse Treu, partner at Domain Associates who will join Xagenic’s Board of Directors, said: “Xagenic’s platform is unlike any we have seen to date. The easy-to-use, affordable desktop system and future menu of tests have the ability to transform the way critical patient diagnoses are made and acted upon.”