October 17, 2008 T2 Biosystems Inc., which develops portable medical diagnostic products that combine nanotechnology and miniaturized magnetic resonance (MR) technology, has raised $10.8 million in a Series B financing. Proceeds will be used to accelerate the development of T2’s rapid diagnostic platform.
T2 Biosystems’ proprietary technology combines nanotechnology and the miniaturization of proven MR technology to develop rapid, accurate and portable diagnostics. The technology has been validated in multiple published journal articles and has shown to accurately analyze viruses, bacteria, proteins, hormones, DNA, small molecules and other diagnostic targets. The company is developing a pipeline of diagnostic products based on its technology, including devices for hospitals, diagnostic laboratories and medical offices, as well as individual patients.
Initial investors Flagship Ventures, Polaris Venture Partners, and Flybridge Capital Partners were joined by new investors Partners Healthcare and In-Q-Tel in the round. T2 Biosystems previously closed a $5.5 million Series A financing in 2006.
“We are excited about the growing recognition of the value of our unique, miniaturized diagnostic platform and that we are attracting financial commitment from investors of this caliber underscores the significant progress of our team over the past two years,” said John McDonough, CEO of T2 Biosystems. “Our mission is to revolutionize medical diagnostics and dramatically improve patient care by enabling immediate, accurate testing for almost any health condition, in nearly any setting and this funding allows us to continue to develop our initial panel of diagnostic tests and continue to advance our instrument development through beta testing.”
The company also announced the addition of Stanley Lapidus to the company’s board of directors. He is an experienced life-science entrepreneur, having founded three highly successful life science diagnostic start-ups including Cytyc Corp.
“We are honored to have Stan join our board as he has been an instrumental and legendary figure in the diagnostics industry for more than two decades,” said McDonough.
“The breakthrough field of miniaturized MR technology represents an entirely new approach for developing highly efficient and portable diagnostics, and T2 Biosystems has all the necessary components to establish a dominant position in the space,” said Lapidus.