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Posted: October 17, 2008
T2 Biosystems Raises $10.8M And Enters Strategic Agreement With In-Q-Tel
(Nanowerk News) T2 Biosystems, Inc., a company developing the first portable medical diagnostic products which combine nanotechnology and miniaturized magnetic resonance (MR) technology, today announced a strategic investment and technology advancement agreement with In-Q-Tel, the independent strategic investment firm that identifies innovative technology solutions to support the mission of the broader U.S. Intelligence Community. The In-Q-Tel investment is also part of a $10.8 million Series B funding round, with additional participation by Flagship Ventures, Polaris Venture Partners, Flybridge Capital Partners and Partners Healthcare. This agreement will fund the further development and enhancement of T2 Biosystems’ revolutionary diagnostic systems, as well as identify opportunities within the intelligence community for field applications.
T2 Biosystems is developing the next generation of medical diagnostic products through its proprietary technology, which combines nanotechnology and the miniaturization of proven MR technology to develop rapid, accurate and portable diagnostics. T2 Biosystems’ technology has been validated in multiple published journal articles and has shown to accurately analyze viruses, bacteria, proteins, hormones, DNA, small molecules and other diagnostic targets.
“In-Q-Tel is interested in the promise of portable, laboratory quality diagnostic technology solutions for both the public and private sectors,” said Simon Davidson, Partner at In-Q-Tel. “The advances in capability and mobility of this medical technology are significant, and our investment in T2 Biosystems directly reflects our mission to identify, adapt and deliver innovative technologies that enhance our national security interests.”
“In-Q-Tel is at the forefront of portable field diagnostic applications and we are excited about their commitment to advancing this revolutionary technology in a rapid manner,” said John McDonough, CEO of T2 Biosystems. “Our novel technology has the potential to dramatically improve medical care by enabling immediate, accurate testing for almost any health condition, in nearly any setting, and we view this investment by In-Q-Tel as a validation of our technology capabilities.”
About T2 Biosystems
T2 Biosystems is a private biotechnology company developing next-generation medical diagnostic products using its proprietary technology, combining nanotechnology and miniaturized magnetic resonance (MR) technology to provide rapid, accurate and portable diagnostics. T2 Biosystems was founded in 2006 by renowned researchers from the Massachusetts Institute of Technology, Harvard University, Harvard Medical School and Massachusetts General Hospital, and has assembled a world-class team, board of directors and scientific advisory board that collectively have a proven track record of translating technologic innovations into breakthrough products, building significant corporate value. T2 Biosystems is located in Cambridge, Massachusetts. For more information, please visit the company's website at www.t2bisysmtems.com.
In-Q-Tel is the strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the mission of the U.S. Intelligence Community. Launched by the CIA in 1999 as a private, independent organization, In-Q-Tel’s mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community’s critical technology needs, In-Q-Tel engages with entrepreneurs, growth companies, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and the larger Intelligence Community. In-Q-Tel concentrates on several broad commercial technology areas, including application software and analytics; communications and infrastructure; digital identity and security; embedded systems and power; and bio, chemical, and nanotechnology. To date, In-Q-Tel has engaged with more than 100 companies and delivered more than 140 technology solutions to the Intelligence Community. To learn more about In-Q-Tel, visit www.iqt.org.