T2 Biosystems raises about $15 Million in series C financing
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Cambridge: T2 Biosystems, a company developing the decentralized clinical diagnostic solution that eliminates extensive sample preparation and enables rapid molecular and immunodiagnostic testing on a single instrument, has raised approximately $15 million in a Series C financing. This round of funding is led by Physic Ventures along with the participation of new investors - Arcus Ventures, RA Capital, Camros Capital, WS Investments and existing investors, Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners and Partners Healthcare. According to the company, the proceeds from the financing will be used to accelerate the development and commercialization of T2 Biosystems'diagnostic platform for use in the decentralized setting. T2 Biosystems previously raised $10.8 million in a Series B financing in 2008. "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. "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." Rahul K. Dhanda is the Director of Strategic Marketing in the company. Founded in 2006, the Cambridge-based T2 Biosystems is developing clinical diagnostic products using its proprietary technology, combining nanotechnology and miniaturized magnetic resonance (MR) technology to eliminate extensive sample preparation and provide 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 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. "T2 Biosystems' MR technology represents a novel approach for portable diagnostics," said Stacy Feld, Director at Physic Ventures.

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