T2 Biosystems, Inc., a company developing the first decentralized clinical diagnostic solution that eliminates extensive sample preparation and enables rapid molecular and immunodiagnostic testing on a single instrument, today announced that it has raised approximately $15 million in a Series C financing. Proceeds from the financing will be used to accelerate the development and commercialization of T2 Biosystems' next generation diagnostic platform for use in the decentralized setting.
“This successful financing underscores the significant breakthroughs and value created by our team over the past two years”
Physic Ventures led the round, joined by new investors Arcus Ventures, RA Capital, Camros Capital, WS Investments and existing investors, Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners and Partners Healthcare. T2 Biosystems previously raised $10.8 million in a Series B financing in 2008.
T2 Biosystems is developing the next generation of clinical diagnostic solutions through its proprietary technology, which combines nanotechnology and the miniaturization of proven magnetic resonance (MR) technology to eliminate the need for extensive sample preparation and enable rapid, accurate and portable diagnostics. T2 Biosystems' strategy is to develop a robust pipeline of products using its proprietary technology to enable the performance of molecular and immunoassay diagnostics on a small bench-top instrument in decentralized settings, including hospitals, diagnostic laboratories and medical offices.
The company has completed a fully functional alpha version of the commercial bench-top instrument and has developed a broad set of assays that demonstrates sensitivity, specificity, dynamic range and the precision equal or superior to large, specialized central lab analyzers. The company plans to launch the first of its commercial products to improve care of immunocompromised patients and will be working with industry partners to develop diagnostic tests for additional applications and to further advance the platform.
"This successful financing underscores the significant breakthroughs and value created by our team over the past two years" said John McDonough, CEO and President of T2 Biosystems. "Our mission is to revolutionize diagnostic testing by dramatically improving patient care and reducing overall healthcare costs by enabling immediate, accurate diagnostic testing in nearly any setting. The funding will allow us to advance and commercialize our initial menu of diagnostic tests in the decentralized setting where our unique technical advantages will improve disease diagnosis and treatment."
"T2 Biosystems' MR technology represents a novel approach for portable diagnostics, and T2's progress to date has been impressive," said Stacy Feld, Director at Physic Ventures. "T2 Biosystems is a strong fit with Physic's thesis to accelerate the personalized health agenda by enabling rapid, precise clinical diagnosis, thereby improving patient outcomes and reducing healthcare costs. I look forward to working with the company's outstanding management team and strong syndicate of existing investors to help bring T2's technology to the marketplace."
In connection with this financing, Ms. Feld will join the Board of Directors of T2 Biosystems, which is comprised of Michael Cima, Ph.D., Professor of Engineering, Material Science & Engineering, MIT; Alan Crane, General Partner, Polaris Venture Partners; Michael Greeley, General Partner, Flybridge Capital Partners; Robert Langer, D. Sc., Institute Professor, MIT; Stanley N. Lapidus, Chairman, Helicos Biosciences Corporation; Douglas A. Levinson, PhD, Partner, Flagship Ventures; and John McDonough, T2 Biosystems, Chief Executive Officer.