Medical device company XOR-Labs closes $2.85 mln funding deal


Toronto-based XOR Labs aims to revolutionize lung transplantation with its Ex Vivo Lung Perfusion © 2016 Copyright Ontario Centres of Excellence. All rights reserved.

Toronto-based medical device company XOR-Lab Inc has secured $2.85 million in follow-on financing. The round was led by Canadian early-stage investment firm Regenesis LP with participation from the company’s existing backers, including Xenios AG and MaRS Innovation. Founded in 2011 as a spin-off from the Toronto General Hospital, XOR-Labs is developing technology that aims to repair previously unusable donor lungs and increase the number available for transplantation. It plans to use the funds raised to further develop its technology. XOR-Labs received a $2.6 million investment from Xenios last year.

PRESS RELEASE

XOR-Labs receives $2.85 million in new cash infusion to continue development of breakthrough technology that enables repair of previously unusable donor lungs

TORONTO, Sept. 21, 2016 (GLOBE NEWSWIRE) — XOR-Labs Toronto (XOR) a spin-off from Toronto General Hospital at University Health Network today announced the closing of another financing through a private placement, led by lead investor Regenesis Limited Partnership, along with the participation of its existing investors, including Xenios AG and MaRS Innovation. The total raised in this round is CAN$2.85M. This is a solid vote of confidence and the second investment in XOR for Xenios which invested an additional CAN$2.6M in the company in May 2015. Importantly the entire founding team also participated financially in this round.

XOR is a cutting-edge medical device company focused on leading dramatic advances within the fields of organ transplantation and diseased organ treatment. XOR’s ultimate goal is to become the worldwide leader in advanced multi-organ therapies, a market conservatively valued at $3-$5 billion.

“We appreciate the confidence that Regenesis and our existing investors have placed in our team. We attribute this, in large part, to how remarkably and efficiently our product development efforts have advanced since we closed our first round, and on the evolution of our intellectual property portfolio. This funding will enable XOR to launch with lead centers in North America and Europe” said Dr. Tom Waddell, CEO of XOR Labs Toronto.

“Securing this additional financing from high-quality new and existing investors demonstrates confidence in XOR’s team and products. We are particularly excited that funding is expected to allow the company to achieve such an important value inflection point,”, said MaRS Innovation President and CEO, Dr. Rafi Hofstein.

About Regenesis Limited Partnership

Regenesis LP, is the investment vehicle of four sophisticated and successful Canadian entrepreneurs. Regenesis focuses on making early stage investments in high potential companies that have the intellectual property needed to give them a sustainable competitive advantage, and that are managed by accomplished founders.

About XENiOS®

XENiOS AG is a privately held medical device company. XENiOS® is the therapy and technology leader in minimally invasive lung-and-heart assist. Its novalung®, i–cor®, and medos® devices provide pulmonary and cardiac assist for a broad range of support levels, and all run on the XENiOS® console. The XENiOS® products are designed to provide at least four essential advantages with its minimally invasive lung and heart therapies: (1) patients can be awake and mobile;(2) self-actuated patients facilitate improved outcomes; (3) there is no ventilator-associated lung injury or pneumonia; (4) additionally, the XENiOS® platform creates a physiologic natural pulse designed to protect the heart.

About MaRS Innovation

MaRS Innovation is the commercialization agent for 15 leading academic institutions in Ontario. It provides investors and licensees with a single point to access technology assets emerging from its members, who receive $1.4 billion in annual research and development funding. Supported by the Government of Canada through the Networks of Centres of Excellence, by the Government of Ontario through the Ontario Centres of Excellence, and by its 15 member institutions, MI turns research strengths into commercial opportunities through industry partnerships, licensing and company creation.

Photo courtesy of Ontario Centres of Excellence