XILLIX COMPLETES $5 MILLION FINANCING

Xillix Technologies, a Canadian medical device company specializing in fluorescence endoscopy for improved cancer detection, has closed a private placement of $5 million of convertible, unsecured debentures of Xillix Ltd., a wholly owned Toronto-based subsidiary of the company.

The purchaser of the debentures is Canadian Medical Discoveries Fund, a labor-sponsored fund that is advised by MDS Capital in the selection and management of its investments. Proceeds from this financing will be used to fund research and clinical activities for Onco-LIFE in gastrointestinal applications, as well as for working capital of Xillix Ltd.

The debentures mature in six years and are convertible at any time at the option of the holder after April 1 and in certain circumstances at the option of Xillix Ltd. into Series 3 preferred shares of Xillix Ltd.