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T2 Biosystems Raises $10.8M in Private Financing, Inks In-Q-Tel Pact

NEW YORK (GenomeWeb News) – T2 Biosystems has raised $10.8 million in a Series B financing, the Cambridge, Mass.-based firm said today.
T2 will use proceeds from the financing to accelerate development of its portable diagnostics system that combines nanotechnology with miniaturized magnetic resonance technology. The firm said that the technology has been validated for accurately analyzing viruses, bacteria, proteins, hormones, DNA, small molecules, and other diagnostic targets.
T2’s initial investors — Flagship Ventures, Polaris Venture Partners, and Flybridge Capital Partners — were joined by new investors Partners Healthcare and In-Q-Tel in the latest round of funding.
In related news, the firm said that it signed a strategic investment and technology development agreement with In-Q-Tel, which is an investment firm that works on furthering technologies used in the US intelligence community. T2 said the agreement would fund development and enhancement of its diagnostic platform and identify opportunities for the system within the intelligence community for field applications.
John McDonough, CEO of T2, said that the funding would enable the firm to “continue to develop our initial panel of diagnostic tests and continue to advance our instrument development through beta testing.”
T2 also said that it has named Stan Lapidus to its board of directors. Lapidus most recently served as CEO of Helicos BioSciences, a position he relinquished this past summer, though he still remains chairman of that firm. He also founded Cytyc and Exact Sciences.