Xagenic Inc. Receives $990,000 From FedDev Ontario's Investing in Business Innovation Initiative

  Xagenic Inc. Receives $990,000 From FedDev Ontario's Investing in Business
                            Innovation Initiative

PR Newswire

TORONTO, Feb. 19, 2013

Funding to accelerate the development of a new, rapid molecular diagnostic
testing system.

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.

Contact:

Xagenic Inc.
Shana Kelley, Ph.D.
Chief Technology Officer
shana.kelley@xagenic.com
647-500-8641
 
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