Diagnostics firm T2 Biosystems rounds up $15M in Series C

Massachusetts-based T2 Biosystems has raised $15 million in a third round of financing led by Physic Ventures. The diagnostics firm's technology combines nanotechnology and the miniaturization of magnetic resonance technology to eliminate the need for extensive sample preparation and enable portable diagnostics at the point of care. T2 already has a working model of its technology, and, according to the company's release, the funding will be used to further development and commercialization of the diagnostic platform. The company previously raised $10.8 million in a Series B financing in 2008.

"This successful financing underscores the significant breakthroughs and value created by our team over the past two years," says John McDonough, CEO and president of T2 Biosystems. "Our mission is to revolutionize diagnostic testing by dramatically improving patient care and reducing overall healthcare costs by enabling immediate, accurate diagnostic testing in nearly any setting. The funding will allow us to advance and commercialize our initial menu of diagnostic tests in the decentralized setting where our unique technical advantages will improve disease diagnosis and treatment."

- see T2Biosystems release for more

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