Molecular diagnostics startup Xagenic nabs $20 mln Series B financing
Xagenic Inc, a Toronto-based molecular diagnostics start-up, has secured $20 million in Series B financing. The round was led by U.S. venture capital firm Domain Associates, with the participation of Canadian investors CTI Life Sciences Fund and the Ontario Emerging Technologies Fund. In conjunction with the deal, Domain's Jesse Treu will join the company's board of directors. Xagenic will use the new funds to support development and clinical studies as it moves toward regulatory approval and commercialization of its molecular diagnostic testing platform and lead diagnostic assay. The first start-up of commercialization agent MaRS Innovation, the company emerged from research developed at the University of Toronto, and has been venture-backed since 2010.
