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Canon Takes Nearly 20 Percent Stake in T2 Biosystems

NEW YORK (GenomeWeb) – T2 Biosystems announced today that it has sold $40 million of it common stock to Canon USA, giving it a 19.9 percent stake in the company.

Canon paid $6.56 per share for the stock, which was its closing price on Sept. 20. The placement closed yesterday.

"[T]his financing puts us in a solid position to continue to grow the business, including furthering our launch of the T2Bacteria [bacterial sepsis] panel into the market in 2017 and beyond," T2 CEO John McDonough said in a statement.

The firms have been partners since early 2015 when they struck a deal to develop a diagnostic test panel based on T2's T2MR technology for the rapid detection of Lyme disease.

"Working closely with T2 Biosystems in the development of the Lyme disease diagnostic panel, we have come to appreciate the capabilities of its innovative diagnostic solutions," Canon USA Chairman and CEO Joe Adachi added in the statement.

In conjunction with the equity investment, Canon USA's Chief Administrative Officer and General Counsel Seymour Liebman has joined T2's board of directors.