Xagenic is a Toronto, Canada based privately held molecular diagnostics company that has developed the Xagenic X1™ platform which allows users to carry out molecular testing in clinics within a short time span of 20 minutes, thus allowing faster diagnosis and treatment.
Xagenic began as a University of Toronto startup and has made rapid strides from there, receiving $15 million (CAD) Series B funding in July 2015 from a diverse array of investors including Domain Associates, BDC Capital, CTI Life Sciences, and Ontario Capital Growth Corporation. Qiagen N.V. is also one of the primary investors in Xagenic.
This interest in Xagenic among investors has been piqued by the following unique characteristics possessed by the Xagenic X1™ platform:
- Being fully-automated, it is especially very easy and intuitive to use.
- The actual hands-on time on the device is a mere 1 to 2 minutes.
- It has a simplistic, portable, desktop-like form factor which makes it easy to train personnel on its usage.
- It can easily be used in physician offices and clinics alike without the need to depend on labs.
- The platform is highly scalable implying that it can easily be used for carrying out a wide variety of molecular tests. This factor also heightens the widespread global appeal of the platform beyond immediate surroundings.
Of course, one of the biggest draws for the Xagenic X1™ platform remains the fact that in 20 minutes, one can have test results right up front, thus paving the way for easy diagnosis and commensurate treatment.
At the same time, it must be asserted that Xagenic X1™ platform meets rigorous worldwide IVD and medical device regulations. Thus wide scale implementation of the platform not only within Canada but beyond is not seen as a concern but rather as an opportunity, especially by investors in Xagenic who foresee its rapid global deployment in ensuing times.
Xagenic was founded by Shana Kelley who also serves as the Chief Technology Officer (CTO). The management team at Xagenic is led by Timothy I. Still who serves as the President and Chief Executive Officer (CEO). Both Kelley and Still also serve on the Board of Directors at Xagenic as well.
With regard to utilization of funding as received by Xagenic, President and CEO Timothy I. Still has stressed on accelerating efforts towards bringing the Xagenic X1™ platform to market.
In conclusion, it must be said that Xagenic has an excellent product offering with a potential target group that spans right across the globe, going way beyond its native Canada. Given the immense fervor that has already been witnessed for the Xagenic X1™ platform, Xagenic is clearly poised for prolific growth in ensuing times.