Toronto, Ontario – January 22, 2007 – Xceed Molecular Corporation (“Xceed”), a developer of an innovative platform for multiplexed, gene-expression based molecular diagnostics, announces that it has secured a US$3.0 million venture loan from MMV Financial Inc.
Xceed is advancing the speed, simplicity, and efficiency of expression-based molecular diagnostics through its “Ziplex™” Automated Workstation. The Ziplex uses Xceed’s proprietary flow-thru-chip microarray technology to perform highly multiplexed molecular assays faster and at a lower cost than conventional array systems, while providing simplicity of use that is essential for broader adoption of molecular diagnostics.
"This financing supports Xceed’s efforts to commercialize the Ziplex™ System for the research community and develop diagnostic gene expression assays for the system” said Michael L. Cohen, Chief Executive Officer of Xceed. "MMV understood our unique value proposition and we are pleased to have them as a financial partner.”
“We are very excited about this opportunity in the molecular diagnostics market,” said Greg Dimmer, Senior Vice President, MMV Financial Inc. “We believe Xceed’s experienced management team, ongoing support from VenGrowth Advanced Life Sciences Fund, proprietary technology and its effective integrated solution will position the Company to succeed in this rapidly growing market.”
About Xceed Molecular Corporation
Xceed’s vision is to advance molecular diagnostics and improve health outcomes by providing a cost-effective, automated system and services that facilitate the rapid translation of novel multiplexed genomic tests from research into routine clinical use. Our products comprise the ZiplexTM System for automated gene-expression analysis (available in the US and Canada for research use only), custom array services, and pre-configured arrays. Xceed is also developing multiplexed genomic tests for the Ziplex platform, both internally and with strategic partners. Xceed’s R&D and manufacturing are headquartered in Toronto, Ontario, with executive offices in Wellesley, Massachusetts. For more information, visit www.Xceedmolecular.com.
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Quebec, NewStar Financial Inc, and Wells Fargo Company. For more information visit http://www.mmvf.com/ or contact:
Greg Dimmer, Senior Vice President
MMV Financial Inc.
Tel: (416) 977-9718
gdimmer@mmvf.com