T2 Biosystems develops rapid sepsis-detection diagnostics based on its proprietary T2MR technology. The company markets a product lineup and says it has a promising pipeline aimed at improving patient care and reducing healthcare costs. T2 Biosystems was founded in 2006 and is located in Lexington, Massachusetts, with 51–200 employees. Financially, the company has raised $133M to date. Recently it agreed to convert $15M of debt into equity with CRG to bolster its financial standing, a move pending shareholder approval. Management framed the transaction as part of ongoing strategic amendments to the CRG term loan and expressed gratitude for CRG's continued support. T2 Biosystems builds and commercializes the T2MR® magnetic biosensor platform and its flagship T2Candida molecular diagnostic panel to detect species-specific Candida directly from whole blood. The T2MR technology uses miniaturized magnetic resonance to detect molecular, immunoassay, or hemostasis targets from complex clinical samples including blood, sputum and urine. T2Candida delivers results in approximately three hours, with sensitivity reported as low as 1 CFU/mL and diagnostic speed up to 25 times faster than current blood-culture methods. The company intends to use proceeds from its latest financing to support clinical programs and commercialization of T2Candida, complete development of additional sepsis diagnostic panels, and advance R&D of other molecular, immunodiagnostic and hemostasis assays. The platform targets faster identification of candidemia and sepsis, conditions the article notes are major causes of hospital-acquired infection and mortality where earlier detection can substantially reduce deaths. T2 Biosystems completed a $40 million financing to fund these clinical and commercialization efforts. T2 Biosystems develops and commercializes a magnetic resonance (T2MR) diagnostic platform and the T2Dx benchtop instrument that directly analyzes unprocessed clinical samples. Its lead product is the T2Candida assay, a rapid multiplexed test for five Candida species intended to detect bloodstream infections and sepsis in under two hours. The company says T2MR eliminates the need for sample purification and blood culture growth, providing sensitive and rapid results in less than two hours. T2 Biosystems planned a beta launch of the T2Dx instrument in the fall and expected an FDA submission for the T2Candida panel in the second half of 2012. The firm aims to expand its pipeline into additional diagnostic tests focused on sepsis, infectious disease, therapeutic drug monitoring and coagulation. The newly announced financing will support ongoing development and clinical trials, regulatory approval and commercialization efforts, and expansion of the company’s partnering program. T2 Biosystems is a Cambridge, MA–based biotechnology company focused on a diagnostic platform that combines nanotechnology with the miniaturization of magnetic resonance to perform molecular and immunoassay diagnostics on a small bench-top instrument. The company aims to eliminate extensive sample preparation and enable rapid testing in decentralized settings such as hospitals, diagnostic laboratories and medical offices. T2 intends to build a pipeline of products around this proprietary technology to improve disease diagnosis and treatment. The new funding is earmarked to accelerate development and commercialization of an initial menu of diagnostic tests for those decentralized settings. Leadership emphasizes a mission to revolutionize diagnostic testing, improve patient care, and reduce healthcare costs by enabling immediate, accurate testing in nearly any setting. The company previously raised $10.8M in a Series B in 2008. T2 Biosystems is a Cambridge, Mass.-based company developing diagnostic devices that combine MRI properties and nanotechnology. The company plans to use the new funding to develop a beta version of that device. It intends to run the beta through a series of tests over the next 18 months. T2 currently has 20 employees. Financially, it recently received $10.8M in a second-round financing and previously raised $5.5M in a first round in 2006. The new capital is targeted at product development and testing.

Total raised

$104M

Funding rounds

5

Latest round

Convertible Note

Latest activity

Feb 2024