Canon U.S.A announced that it has made an equity investment in T2 Biosystems, a company developing innovative diagnostic products to improve patient health.
Through this investment, Canon U.S.A. has purchased approximately 40 million dollars of the company’s stock at the closing market price of $6.56 in a private placement, resulting in Canon’s ownership of approximately 19.9 percent of T2 Biosystems.
Canon U.S. Life Sciences, Inc., a wholly owned subsidiary of Canon U.S.A. began working with T2 Biosystems back in February of 2015 to develop a diagnostic test panel for rapidly detecting Lyme disease.
Canon has invested in diagnostics research over the years. Most recently, Canon established Canon BioMedical to enhance organic and inorganic growth of molecular diagnostics business within the company.
“We recognize that both T2 Biosystems and Canon U.S.A. are aligned in working towards the same goal and as such, we are pleased to strengthen our relationship and look forward to bringing future innovative diagnostic products to market that can improve patient health,” said Joe Adachi, chairman and CEO, Canon U.S.A., Inc.
“Investments to companies like T2 is another example of Canon's commitment in healthcare.”
“The strong backing and commitment we have received from Canon will help us continue to strengthen our business and accelerate our efforts to bring new products to market,” said John McDonough, chief executive officer of T2 Biosystems, Inc. “We look forward to continuing our partnership with Canon.”
Seymour Liebman , executive vice president, chief administrative officer and general counsel, Canon U.S.A, Inc. will join T2 Biosystems Board of Directors.
T2 Biosystems is focused on developing innovative diagnostic products to improve patient health. With two FDA-cleared products targeting sepsis and a range of additional products in development, T2 Biosystems is an emerging leader in the field of in vitro diagnostics.
The Company is utilizing its proprietary T2 Magnetic Resonance platform, or T2MR, to develop a broad set of applications aimed at lowering mortality rates, improving patient outcomes and reducing the cost of healthcare by helping medical professionals make targeted treatment decisions earlier.
T2MR enables the fast and sensitive detection of pathogens, biomarkers and other abnormalities in a variety of unpurified patient sample types, including whole blood, eliminating the time-consuming sample prep required in current methods.