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Print Edition StoriesIn support of progressing its medical diagnostic technology toward regulatory approval and growing its partner program, T2 Biosystems Inc. has completed a $23 million Series D funding round, led by new backer Aisling Capital LLC.
The financing landed additional support from return investors Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners, Physic Ventures, Partners Healthcare, Arcus Ventures, RA Capital, Camros Capital and WS Investments. Aisling principal Josh Bilenker, MD, will join the board of T2 Biosystems as part of the financing deal.
The company is pushing its T2MR diagnostic technology through clinical trials, and the company noted in a press release that it expects to submit it for FDA approval in the second half of 2012. The assay is intended to detect Candida, a fungal pathogen linked to bloodstream infections, in less than two hours, rather than the typical one or more days that also requires sample purification and blood culture growth.
T2 Biosystems announced in May that it had secured an Emerging Technology Loan, valued at about $1.7 million, from MassDevelopment, a finance and development agency for Massachusetts businesses and organizations.
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