A biotechnology company that’s developed a molecular diagnostic test platform to cut the time it takes to diagnose a hospital-acquired fungal infection called Candidemia from two days to three hours has secured fresh capital in a financing round led by new investor Goldman Sachs, according to a company statement.
By speeding up detection, T2Biosystems says it could reduce the the mortality rate for the fungal infection from 40 percent to 11 percent and lower hospitalization costs. T2Biosystems raised $40 million in the Series E round. In addition to Goldman Sachs, the It also got funding from existing investors: Flagship Ventures, Polaris Partners, Aisling Capital, Flybridge Capital Partners, Physic Ventures, Arcus Ventures,Partners Healthcare, Camros Capital and WS Investments.
The Lexington, Massachusetts-based company’s T2MR technology combines nanotechnology with magnetic resonance imaging to detect molecular, immunoassay and hemostasis targets in clinical samples such as blood, plasma, serum, sputum and urine.
The test speeds up the detection time because it eliminates several steps from the current diagnostic process. It does not require optical detection, nor does it need biological samples to undergo purification, according to T2Biosystems’ website. It also claims that detection does not require trained technicians.
Last year, T2Biosystems said it would launch a pivotal trial for the diagnostic platform enrolling 1,500 patients with Candida over a three to six month period, according to Fierce Biotech.Depending on how it goes, the company could submit an application to the US Food and Drug Administration for 510(k) clearance later this year.
Patients most at risk for contracting candemia include those with a compromised immune system, such as patients being treated for solid tumors or leukemia for example. Other risk groups include patients recovering from intestinal surgery and patients in the intensive care unit.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
[Photo from flickr user Lucid Nightmare]
