T2 Biosystems Closes $23M Series D Financing

T2 Biosystems, a Lexington, MA-based developer of products designed to detect molecular and immunoassay targets directly from unpurified clinical samples in hospitals, labs and physicians’ offices, has closed a $23m Series D financing.

The round was led by new investor Aisling Capital, LLC, with participation from existing investors Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners, Physic Ventures, Partners Healthcare, Arcus Ventures, RA Capital, Camros Capital and WS Investments.

In conjunction with the funding, Josh Bilenker, M.D., Principal at Aisling Capital, will join T2 Biosystems’ Board of Directors.

The company intends to use the funds to advance its lead product, T2Candida test, a rapid detection assay for Candida, a fungal pathogen known to cause blood stream infections and sepsis, which is expected to be submitted to FDA in the second half of 2012, and accelerate the development of its pipeline of additional diagnostic tests focused on therapeutic drug monitoring and coagulation.

T2 Biosystems is led by CEO and President John McDonough.



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