Canon USA, Melville, NY, has purchased approximately $40 million in the stock of T2 Biosystems Inc, Lexington, Mass, in a private placement.
With the investment, Canon owns 19.9% of T2 Biosystems. Additionally, Canon’s chief administrative officer and general counsel, Seymour Liebman, has joined the company’s board of directors.
“We are pleased to have the strong backing of our committed partner Canon—with whom we have been collaborating on Lyme disease product development since February of 2015,” says John McDonough, CEO of T2 Biosystems. “Importantly, this financing puts us in a solid position to continue to grow the business, including furthering our launch of the T2Bacteria panel into the market in 2017 and beyond. We expect the T2Bacteria panel to be a critical catalyst for our overall sepsis commercial efforts, and we remain on track to submit our application for marketing clearance to FDA by mid-2017.”
“Working closely with T2 Biosystems in the development of the Lyme disease diagnostic panel, we have come to appreciate the capabilities of its innovative diagnostic solutions,” says Joe Adachi, chairman and CEO of Canon USA. “We are pleased to extend our relationship with T2 Biosystems and look forward to working together in the future.”