Xagenic announces $6 million GAAP partnership for Hepatitis C testing; appoints president and CEO

Xagenic 2014 logoXagenic Inc., a molecular diagnostics company developing the first lab-free molecular diagnostic platform with a 20 minute time-to-result, announced October 15, 2014 that its project in partnership with the University of Toronto was successful in securing funding from Genome Canada under the Genomic Applications Partnership Program (GAPP).

The funding, announced by the Honourable Ed Holder, Minister of State (Science and Technology) and Dr. Pierre Meulien, president and CEO of Genome Canada, is part of 12 selected projects under Genome Canada’s Genomic Applications Partnership Program (GAPP), on October 15 in Wallenstein, Ontario.

The project titled “Development of Low Cost Testing Chip and Device for Hepatitis C Testing” was approved with funding up to a maximum of $5,999,865 over three years. The Ontario Ministry of Research and Innovation is supporting the project with a grant matching the Genome Canada contribution.

“This is a tremendous opportunity for us to leverage the viral assay development and electrochemical detection expertise in the labs of Dr. Shana Kelley and Dr. Edward Sargent at the University of Toronto to significantly advance our own research programs on several fronts,” said Dr. Graham D. Jack, Xagenic’s senior director of Research and Development. “Under this joint program, we anticipate development of a new lower-cost substrate chip, which will significantly bring down the total cost of our in-cartridge AuRA™ detection technology.

Timothy I. Still appointed Xagenic’s president and CEO

On October 16, 2014, Xagenic also announced that Timothy I. Still has been appointed president and CEO, and will serve as a member of Xagenic Inc.’s board of directors.

This announcement was covered in PE Hub.

Most recently, Mr. Still served as president and CEO of Accumetrics Inc., where over a period of five years he transformed the company into a commercially successful point-of-care test manufacturer which was ultimately sold to ITC in 2013. Prior to his time with Accumetrics, Mr. Still was executive vice president and CCO at Hemosense, a point-of-care company that developed, manufactured and commercialized a handheld CLIA Waived device. Hemosense was acquired by Inverness Medical (now Alere) in 2007.  Previously, he was vice president of Sales and Marketing at Cholestech, and also held commercial positions at Boehringer Mannheim and Bio-Rad Laboratories.

“Xagenic’s X1™ molecular testing platform has the potential to revolutionize clinical diagnostics and to dramatically improve patient care by enabling immediate, accurate testing at the point of care,” said Still. “I am pleased to join the talented team at Xagenic and lead the company through the successful completion of clinical studies for this innovative diagnostic platform, and commercial launch in the U.S. and international markets.”

“We are extremely pleased to be able to install an executive with such an extensive background in commercializing new point-of-care diagnostic devices,” said Jesse Treu, board member and partner at Domain Associates. “Tim’s experience in building commercially-viable companies in the diagnostics industry will be invaluable as Xagenic launches their lead product and continues to build menu for their platform. We are excited to have Tim on board as the company advances towards commercialization of the X1 platform.”

In conjunction with Timothy Still’s appointment, Bruce Cohen has stepped down from his position on the company’s board.

Posted by Elizabeth Monier-Williams, director of marketing and communications.