Axela Inc. has announced that it has received funding from the Government of Canada to support the expansion of its innovative multiplex biomarker technologies.
The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario, speaking at the Creative Economy Summit in Toronto, stated that the Agency is investing more than $708,000 into Axela through FedDev Ontario's Investing in Business Innovation program.
The investment, by way of a repayable contribution, will be used to help fund the company’s development of its next generation of clinical research and diagnostic tools for enhanced analysis of proteins, DNA and RNA biomarkers.
FedDev Ontario’s investment also leverages additional venture capital investments that will provide Axela with the financial resources to accelerate the commercialization of its biomarker analysis platforms and verify their performance in clinical studies.
With the acquisition of Vengrowth Investment Funds by Covington Capital Corporation, Axela has become part of the Covington Fund II portfolio. In total, the company has raised more than $5M in new investment over the last year.
Axela has developed two molecular detection platforms to a commercial stage. The additional funding facilitates several new projects including a clinical verification of a Breast Cancer Prognostic Assay.
This trial is also designed to validate the unique ability of Ziplex Flow-Thru Chip® technology to deliver complex gene signature results in a routine laboratory environment.
A second trial utilizes the real-time immunoassay capabilities of the dotLab mX platform for rapid, multiplex detection of parasitic diseases.
“This support will allow us to expand our product offering for the clinical research markets, and to partner with global diagnostic companies in developing novel clinical applications on both platforms”, stated Paul Smith, Chief Operating Officer of Axela.
Smith continued, “Together, the Ziplex and dotLab mX systems will greatly simplify multiplex technology for clinical researchers and significantly advance the promise of personalized medicine.”