T2 Biosystems raises $40m to develop test to rapidly detect fungal infections

T2 Biosystems, a Lexington diagnostics company with no products yet on the market, announced the completion of a $40 million financing that will support the testing and commercialization of technology designed to rapidly identify fungal infections such as sepsis.

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, T2 Biosystems said in a Thursday press release.

Including the funding announced today, T2 Biosystems has raised nearly $96 million since its launch in 2006.

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The company calls its proprietary technology T2MR, and the experimental test using the technology is known as T2Candida.

The test uses miniaturized magnetic resonance to directly detect molecular and other targets in any clinical sample, including blood, sputum, and urine. According to T2 Biosystems, its technology can get results up to 25 times faster than current methods.

“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,” T2 Biosystems president and chief executive John McDonough said in a statement. “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.”

T2 Biosystems hopes that it will get approval some time next year to market its T2Candida test.

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