T2 Biosystems Equips Lexington Facility With MassDevelopment Emerging Technology Loan
May 18, 2011
MassDevelopment has provided a $1,687,500 Emerging Technology Loan to T2 Biosystems, a privately-held company in Lexington that is developing next-generation diagnostic products to improve healthcare. The company recently relocated from Cambridge to a larger facility in Lexington, which will house the company's headquarters, research, and manufacturing operations as T2 Biosystems prepares for FDA approval and initial product commercialization. The company will use loan proceeds to purchase equipment and make improvements to the new building.
â€œThe Emerging Technology Fund is designed to help companies ramp up or expand their manufacturing operations in Massachusetts,â€ said MassDevelopment Executive Vice President of Finance Programs Laura Canter. â€œThis investment will help T2 Biosystems grow as it works to create a next-generation method for medical diagnostics.â€
Unlike current diagnostic tools, including culture-based diagnostic methods, which use optical signals and require preparation of a clean biologic sample, T2's magnetic biosensor technology combines nanotechnology with the power of magnetic resonance detection. A â€œdirty sampleâ€ of a patient's blood, saliva, urine or other biofluid is loaded directly into a desktop instrument via a disposable cartridge. The sample is then mixed with magnetic nanoparticles and analyzed for the presence of specific fungal, bacterial or viral pathogens or biomarkers using a technique similar to magnetic resonance imaging (MRI). The system is able to detect low concentrations of target agents or specific pathogens and present a result to the user ranging from minutes to less than two hours.
By delivering results faster than current methods, T2 Biosystems's technology has the capability to improve health outcomes while reducing costs. The technology is built into a versatile and portable product platform that is amenable to a broad range of potential applications.
â€œWe are honored to be recognized by MassDevelopment, which has a strong history of partnership that helps drive innovation from leading technology companies in Massachusetts,â€ said John McDonough, Chief Executive Officer of T2 Biosystems. â€œThis substantial contribution to our development efforts will support the development and commercialization of our instrument platform and Candida assay, along with our pipeline of additional products.â€
MassDevelopment, the state's finance and development agency works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.