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T2 Biosystems, Inc., a company developing the first portable medical diagnostic products which combine nanotechnology and miniaturized magnetic resonance (MR) technology, today announced that it has raised $10.8 million in a Series B financing. Proceeds from the financing will be used to accelerate the development of T2 Biosystems' revolutionary rapid diagnostic platform.
The company'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 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 N. Lapidus to the Company's Board of Directors. Mr. Lapidus is an experienced life-science entrepreneur, having founded three highly successful life science diagnostic start-ups including Cytyc Corporation.
"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. "Stan is joining our board at a very exciting time at T2, and the combination of his scientific knowledge and business acumen will serve us well as we continue to grow the business."
"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 Mr. Lapidus. "T2's progress to date has been extremely impressive and I am looking forward to working with the outstanding team in place to help bring this revolutionary technology to the marketplace."
T2 Biosystems is developing the next generation of medical diagnostic products through its proprietary technology, which combines nanotechnology and the miniaturization of proven MR technology to develop rapid, accurate and portable diagnostics. T2 Biosystems' 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.
About T2 Biosystems, Inc.
T2 Biosystems is a private biotechnology company developing next-generation medical diagnostic products using its proprietary technology, combining nanotechnology and miniaturized magnetic resonance (MRI) technology to provide rapid, accurate and portable diagnostics. T2 Biosystems was founded in 2006 by renowned researchers from the Massachusetts Institute of Technology, Harvard University, Harvard Medical School and Massachusetts General Hospital, and has assembled a world-class team, board of directors and scientific advisory board that collectively have a proven track record of translating technologic innovations into breakthrough products, building significant corporate value. T2 Biosystems is located in Cambridge, Massachusetts.
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