A Toronto-based company that has developed a new disease diagnosis device that could be used for cancer and other genetic diseases has drawn $1.04 million in financing for commercialization of its project.
Xagenic was created by U of T researcher
Dr. Shana Kelley as a spin-off from the university to commercialize the research.
Funding comes from several sources: $500,000 from MaRS [pdf], a $300,000 loan from the government of Ontario's new HTX commercialization program, $200,000 from the Ontario Institute for Cancer Research and $40,000 from the Ontario Centre of Excellence for Commercialization of Research.
According to a statement from Dr. Kelley, the funding "will enable Xagenic and its clinical development partner,
the University Health Network, to confirm critical clinical
sensitivity and specificity parameters for the technology." HTX estimates that Xagenic will create five jobs during the immediate commercialization process, with more expected later.
An announcement from Rafi Hofstein, CEO of MaRS Innovation, said that this is the first of several announcements from the business incubator of new investments over the next several months. "MaRS Innovation is very excited about the potential of the Xagenic technology. It is still early days for this company. This investment, however, sends a strong signal to researchers working in our partner institutions. MaRS Innovation wants to help develop Ontario technology to its fullest potential,right here and right now."
Writer: Edward Keenan
Sources: Rafi Hofstein, CEO, MaRS Innovation; Marcelle Mundle, Marketing and Communications Manager, HTX