T2 Biosystems completes $23m Series D financing

By Chris Reidy, Globe Staff

Lexington-based T2 Biosystems said it raised $23 million that will be used partly to support the advance of an experimental treatment for blood stream infections.

The funding round was led by new investor Aisling Capital LLC, a private equity firm based in New York. Joining Aisling in the round were existing investors Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners, Physic Ventures, Partners Healthcare, Arcus Ventures, RA Capital, Camros Capital, and WS Investments, T2 said in a press release.

T2’s lead product is a rapid detection assay for Candida, a fungal pathogen known to cause blood stream infections and sepsis.

In a statement, T2 president and chief executive John McDonough said, “The new funding will support the activities to advance our T2Candida test panel toward an expected FDA (Food and Drug Administration) 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.”