December of last year saw MaRS Innovation’s first start-up Xagenic announce a $20 million Series B financing round. The investment came from existing partners, such as CTI Life Sciences Fund and the Ontario Emerging Technologies Fund, and also brought on Domain Associates, LLC.
Xagenic states they are building “a lab-free molecular diagnostic platform with a 20-minute time-to-result.” In addition, on its website, Xagenic’s “our aim is to enable on-demand, near patient molecular testing, empowering clinicians in making treatment decisions for their patients at the time of first consultation.” In a press release, Xagenic has declared a further investment into the company, this time from BDC Capital. The total amount in Series B financing is now at $25.5 million. Dion Madsen, Senior Managing Partner at BDC Capital, will also join Xagenic’s Board of Directors.
Shana Kelley, Founder and CTO of Xagenic, said, “Securing this additional financing from high-quality new and existing investors demonstrates confidence in the Xagenic X1™ platform. We look forward to continuing our development program in anticipation of our analytical and clinical study start later this year.”