T2 Biosystems today announced the completion of a $40 million financing to support the clinical programs and commercialization of T2CandidaTM, the Company’s flagship molecular diagnostic test panel for the sensitive and rapid identification of species-specific Candida fungal infections directly from whole blood. The Company also intends to use the proceeds to complete development of additional sepsis diagnostic panels and to advance and expand its research and development of other molecular, immunodiagnostic and hemostasis assays. The round was led by new investor Goldman Sachs and joined by existing investors Flagship Ventures, Polaris Partners, Aisling Capital, Flybridge Capital Partners, Physic Ventures, Arcus Ventures, Partners Healthcare, Camros Capital and WS Investments.
“We believe T2 Biosystems’ breakthrough T2MR® technology has the potential to change the clinical diagnostics landscape, and we are excited to support John and his strong management team as they guide T2Candida through clinical development and commercialization,” commented T.J. Carella, Managing Director at Goldman Sachs. “This financing will enable the Company to bring to market its innovative T2Candida test and continue to advance a broad range of other products in development.”
T2 Biosystems is developing the first-ever diagnostic system capable of direct detection through the Company’s proprietary technology, T2MR. With sensitivity as low as 1 CFU/mL and diagnostic results up to 25 times faster than current methods, T2MR achieves industry- leading performance. T2MR uses miniaturized magnetic resonance to directly detect molecular, immunoassay or hemostasis targets in any clinical sample, including blood, sputum and urine.
“This financing demonstrates the enthusiastic support of our investors for our breakthrough T2MR technology that can rapidly and accurately detect virtually any target directly from complex clinical samples, such as whole blood,” said John McDonough, President and CEO, T2 Biosystems. “The new funding will support the clinical trial and launch of our innovative T2Candida test as well as fund the continued progress of our broad range of molecular, immunoassay and hemostasis products.”
About Sepsis & Candidemia
Sepsis is a potentially life-threatening illness caused by the body’s severe reaction to infection by bacteria, fungi, viruses or parasites. It is one of the top 10 leading causes of death in the United States, and each hour of delayed treatment increases the mortality of these patients by 8%. Candida is a fungal pathogen known to cause sepsis, and it is associated with approximately 100,000 cases of candidemia in the U.S. annually, making it the fourth leading cause of hospital-acquired infections.
Currently, candidemia has a 40% mortality rate, which can be reduced to 11% with early identification of the specific species. Current detection methods rely on blood culture, a process that can take two to five days before identifying a Candida infection. The T2MR platform is able to detect species-specific Candida directly from whole blood without the limits experienced with optical detection technology, even at low copy numbers, and provide results in approximately three hours.