Xagenic Inc. Appoints Two New Members to Board of Directors

Bruce Cohen appointed Executive Chairman and Erik Holmlin joins Board of Directors

TORONTO, Sept. 11, 2012 /PRNewswire/ - Xagenic Inc., a privately held point-of-care molecular diagnostics company, today announced the appointment of Bruce A. Cohen as Executive Chairman of the Board, and that R. Erik Holmlin has been appointed to the Board of Directors.

Mr. Cohen was most recently President and CEO of VitaPath Genetics, a molecular diagnostics company developing a family of DNA tests to help individuals reduce the risk of serious and life-threatening disease. Previously, Bruce spent five years as President and CEO of Cellerant Therapeutics, a biotechnology company with a portfolio of curative therapies based on the regulation of the hematopoietic (blood-forming) system.  His earlier industry roles included:  CFO of GeneSoft Pharmaceuticals, President and CEO of Acacia Biosciences, Vice President at Sequus Pharmaceuticals, and President and COO of Vitel International, Inc.  Bruce brings a wealth of experience in diagnostic product development, business strategy development and execution.

Dr. Holmlin is President and CEO of BioNano Genomics, a venture-backed startup leading the introduction of a platform for genome mapping.  He has also recently served as President and CEO of GenVault Corporation, an Entrepreneur in Residence at Domain Associates, LLC, and Chief Commercial Officer at Exiqon A/S.  In 2001 Erik led the formation of GeneOhm Sciences, Inc., where he occupied a variety of roles including Senior Technology Director, Vice President of Technology and Business Development. He orchestrated GeneOhm's acquisition in 2006 by Becton Dickinson and then served BD as Vice President of Marketing and Development.

"With the impressive progress Xagenic has made in its product development program, this system embodies the most promising point-of-care technology I have seen, in that it can truly disrupt the current industry model of lab-based, centralized molecular diagnostic testing," said Mr. Cohen.  "I am pleased to be a part of the efforts the company has undertaken."

"We are excited to have Bruce Cohen and Erik Holmlin joining our Board", said Xagenic Board member Shermaine Tilley, who is a Partner at CTI Life Sciences Fund (CTI).  "Bruce has a notable career as an entrepreneur in the healthcare sector.  His leadership and management experience will be a tremendous asset to Xagenic's business as the company implements its development and commercialization plan," continued Dr. Tilley. "Erik has an impressive track record as a life sciences executive with experience in leading venture backed companies."

Bruce Cohen and Erik Holmlin join current Xagenic Board members Dr. Shermaine Tilley and Mr. Richard Meadows, both of CTI, and Dr. Shana Kelley, CTO and Founder of Xagenic.

About Xagenic Inc.

Xagenic Inc. is a Toronto, ON-based, venture-backed start-up molecular diagnostics company developing a point-of-care testing system. The company's fully automated technology platform will enable widespread decentralized diagnostic testing to be performed outside of clinical testing laboratories. Xagenic is developing infectious disease diagnostic tests that will allow the detection of a variety of analytes in situations where rapid test turnaround will provide clinically actionable results that dramatically improve patient care and reduce health care costs. More information on Xagenic can be found at www.xagenic.com.

About CTI Life Sciences Fund

CTI is a Montreal-based limited partnership making venture capital investments in high quality emerging life sciences companies at the start-up and clinical development stage primarily in Canada.  CTI has a diverse team of professionals in science and finance with extensive experience in the biotechnology and the pharmaceutical industries. The Fund works closely with entrepreneurs and researchers to increase the value of young companies. More information on CTI can be found at www.ctisciences.com.

SOURCE Xagenic Canada Inc.