T2 Biosystems closes $23M Series D

T2 Biosystems has closed a $23 million Series D financing in a round led by new investor Aisling Capital. Aisling was joined by existing investors Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners, Physic Ventures, Partners Healthcare, Arcus Ventures, RA Capital, Camros Capital and WS Investments.

The proceeds will support ongoing development and clinical trials as the company moves towards regulatory approval and commercialization of its T2MR diagnostic technology. Its lead product is a rapid detection assay for Candida, a fungal pathogen known to cause blood stream infections and sepsis.

"The new funding will support the activities to advance our T2Candida test panel toward an expected FDA submission in the second half of 2012, and accelerate the development of our pipeline of additional diagnostic tests focused on sepsis, infectious disease, therapeutic drug monitoring and coagulation," said John McDonough, CEO and president of T2.

In conjunction with the funding, Josh Bilenker, principal at Aisling, will join T2's board of directors.

- see the T2 release