Canada-based molecular diagnostics company Xagenic closed the second tranche of a $25.5m series B round featuring molecular biology specialist Qiagen on Monday.
Xagenic received the additional funding from BDC Capital, a subsidiary of the Business Development Bank of Canada. It raised $20m in 2013 in a first tranche led by Domain Associates and featuring Qiagen, venture capital investment partnership CTI Life Sciences Fund and state-backed investment fund Ontario Emerging Technologies Fund.
Xagenic, a spinout from the University of Toronto, is developing the first lab-free molecular diagnostic platform able to produce results in 20 minutes. The product is still in beta, but Xagenic expects to launch it in 2015 or 2016.
Qiagen previously participated in a $10m series A round raised by Xagenic in 2012, which followed a $2.2m seed round led by Mars Innovation in late 2010.