NEW YORK (GenomeWeb News) – T2 Biosystems, a molecular diagnostics startup based in Cambridge, Mass., today said that it has raised $15 million in a Series C financing.
The firm said that it will use the proceeds to accelerate development of its decentralized diagnostic platform, which it said eliminates extensive sample preparation and enables rapid molecular and immunodiagnostic testing on a single instrument.
T2 said that it has developed an alpha version of a commercial bench-top instrument that is based on nanotechnology and the miniaturization of magnetic resonance technology. In addition, it said that it has developed a broad set of assays that demonstrate "sensitivity, specificity, dynamic range, and the precision equal or superior to large, specialized central lab analyzers."
The Series C financing round was led by Physic Ventures, with investments coming from new investors Arcus Ventures, RA Capital, Camros Capital, and WS Investments. Existing investors, including Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners, and Partners Healthcare, also participated in this round.
T2 previously raised $10.8 million through a Series B round of financing in 2008.
"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," T2 Biosystems President and CEO John McDonough said in a statement. "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."
As part of the round of financing, Stacy Feld, a director of Physic Ventures, will join T2's board of directors.
Earlier this year, T2 received a $1.4 million grant from the US Department of Energy to detect nucleic acid sequences of contaminates in water.