T2 Biosystems, Inc., a Cambridge, MA-based biotechnology company that develops innovative clinical diagnostic solutions, has raised approximately $15m in a Series C financing.
The round was led by Physic Ventures, with participation from new investors Arcus Ventures, RA Capital, Camros Capital, WS Investments and existing investors, Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners and Partners Healthcare.
In 2008, T2 Biosystems raised $10.8m in a Series B financing.
The company will use the new funds to accelerate the development and commercialization of its diagnostic platform aimed at eliminating extensive sample preparation and enabling rapid molecular and immunodiagnostic testing on a single instrument.
T2 Biosystems’ strategy is to develop a robust pipeline of products using its proprietary technology (which combines nanotechnology and the miniaturization of proven magnetic resonance) 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.
Commenting on the funding, John McDonough, CEO and President of T2 Biosystems, was quoted as saying: “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”, he added.
In conjunction with the financing, Stacy Feld, Director at Physic Ventures, will join the company’s board of directors, which includes:
– 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;
– John McDonough, T2 Biosystems, Chief Executive Officer.