T2 Biosystems boosted by $1.7M MassDevelopment loan

By Michelle Lang

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T2 Biosystems Inc. has secured an Emerging Technology Loan, valued at about $1.7 million, from MassDevelopment, a finance and development agency for Massachusetts businesses and organizations. Having moved from Cambridge to Lexington recently, the company said it intends to use the loan to buy equipment and improve its new building that will be the site for T2’s headquarters, research and manufacturing.

T2 Biosystems develops its NanoDx magnetic biosensor technology platform from which to create medical diagnostic products. In April, the company said it plans to submit NanoDx to the U.S. Food and Drug Administration for approval in 2012.

“The Emerging Technology Fund is designed to help companies ramp up or expand their manufacturing operations,” said MassDevelopment’s Laura Canter, executive vice president of finance programs, in a statement.

MassDevelopment has supported 238 projects in 104 Massachusetts communities for fiscal year 2010.

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