T2 Biosystems Closes $23M More for Fast, Cheap Diagnostic Tools

8/10/11Follow @gthuang

Some interesting funding news in the biotech world today. Lexington, MA-based T2 Biosystems, a diagnostics technology firm, says it has closed a $23 million Series D financing round led by new investor Aisling Capital. The round also included previous investors Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners, Physic Ventures, Partners Healthcare, Arcus Ventures, RA Capital, Camros Capital, and WS Investments.

The company says the new money will be used to support ongoing development and clinical trials for its diagnostic technology—a benchtop machine that T2 says can identify biological substances such as proteins, small molecules, viruses, and DNA much more quickly and cheaply than traditional optical-based machines (which require purification of samples). It works by using miniaturized magnetic resonance detection in combination with magnetic nanoparticle probes.

T2 Biosystems was founded in 2006 by an all-star cast of researchers and business people, including luminaries from MIT (Tyler Jacks, Bob Langer, Michael Cima) and Mass General Hospital (Ralph Weissleder, Lee Josephson). The company is led by CEO John McDonough.

The field of molecular diagnostics is progressing rapidly, as this recent interview with Stéphane Bancel of BG Medicine and Knome points out.

Gregory T. Huang is Xconomy's Deputy Editor, National IT Editor, and the Editor of Xconomy Boston. You can e-mail him at gthuang@xconomy.com or call him at 617-252-7323. Follow @gthuang

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