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news.T2 Biosystems, a provider of portable medical diagnostic products, has raised $10.8 million in a series B financing. Proceeds from the financing will be used to accelerate the development of T2 Biosystems's rapid diagnostic platform.
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The company’s initial investors, Flagship Ventures, Polaris Venture Partners and Flybridge Capital Partners were joined by new investors Partners Healthcare and In-Q-Tel in the round. T2 Biosystems has previously closed a $5.5 million series A financing in 2006.
The company has also appointed Stanley Lapidus to its board of directors. Mr Lapidus is an experienced life-science entrepreneur, having founded three life science diagnostic start-ups including Cytyc.
John McDonough, CEO of T2 Biosystems, said: “Our mission is to revolutionize medical diagnostics and dramatically improve patient care by enabling immediate, accurate testing for almost any health condition, in nearly any setting and this funding allows us to continue to develop our initial panel of diagnostic tests and continue to advance our instrument development through beta testing.”