Xagenic Inc. Receives $990,000 From FedDev Ontario's Investing in Business
TORONTO, Feb. 19, 2013
Funding to accelerate the development of a new, rapid molecular diagnostic
TORONTO, Feb. 19, 2013 /PRNewswire/ - Xagenic Inc., a privately held molecular
diagnostics company, today announced that it will receive up to $990,000 in
funding from the Government of Canada to support design and development of the
first lab-free molecular diagnostic platform with a 20-minute time to result.
The Honourable Gary Goodyear, Minister of State for the Federal Economic
Development Agency for Southern Ontario (FedDev Ontario), made the
announcement in the keynote speech at the Conference Board of Canada's
Business Innovation Summit 2013 in Toronto this morning.
The Investing in Business Innovation initiative is designed to boost private
sector investment in start-up businesses to accelerate the development of new
products, processes and practices and bring them to market.
"This investment from FedDev complements our $10M Series A venture capital
round, which included investments from CTI Life Sciences Fund, the Ontario
Emerging Technologies Fund (OETF) and QIAGEN N.V.", said Shana Kelley, Chief
Technology Officer of Xagenic. "In the current environment, financial support
from the Government enhances our capabilities to develop cutting edge
technologies that improve patient care," added the company's Director of
Business Development, Ihor Boszko.
About Xagenic Inc.
Xagenic Inc. is a Toronto, ON-based, venture backed start-up company
developing the first lab-free molecular diagnostic platform with a 20-minute
time to result. The company's fully automated technology platform will enable
widespread decentralized diagnostic testing to be performed outside of
clinical testing laboratories. Xagenic is developing infectious disease
diagnostic tests that will allow the detection of a variety of analytes in
situations where rapid test turnaround will provide clinically actionable
results that dramatically improve patient care and reduce health care costs.
More information on Xagenic can be found at www.xagenic.com.
SOURCE Xagenic Canada Inc.
Shana Kelley, Ph.D.
Chief Technology Officer
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