Funding will Support Product Development and FDA Submission of Testing Platform and First Diagnostic Assay
Xagenic Inc., a molecular diagnostics company developing the first lab-free molecular diagnostic platform with a 20 minute time-to-result, today announced the close of a Series B financing totaling $20 million. The round was led by new investor Domain Associates, LLC, which was joined by existing investors including CTI Life Sciences Fund and the Ontario Emerging Technologies Fund. In conjunction with the financing, Jesse Treu, PhD, Partner at Domain Associates, will join Xagenic's Board of Directors. The proceeds from this round will support ongoing development and clinical studies as the company executes on its plan towards regulatory approval and commercialization of its molecular diagnostic testing platform and lead diagnostic assay.
"Xagenic has developed a truly revolutionary diagnostic platform that will drive molecular testing out of the high complexity lab and to the point-of-care," commented Bruce Cohen, Executive Chair at Xagenic. "The cost of adoption of the Xagenic platform is more than an order of magnitude lower than that of any other molecular diagnostic platform, which will finally make molecular testing approachable for physician offices and clinics."
Cohen continued, "Xagenic has consistently delivered on its product development plan. This new funding will support the activities to advance our lead test and platform toward an FDA submission, accelerate the development of our pipeline diagnostic tests focused on infectious disease, and enable expansion of the company's partnering program."