T2 Biosystems' device will potentially enable 95 percent of patients with bloodstream infections to receive targeted therapy within eight hours of a blood draw.
The Gaithersburg, Maryland-based firm intends to use the proceeds for general corporate purposes, including working capital and product development.
T2 said that the panel will be commercially available in Europe in Q3, and added that it is in the midst of completing a pivotal trial in preparation of a submission to the FDA.
An OpenArray panel designed to simultaneously test for 17 viruses and 13 bacteria and protozoa was able to detect pathogens from human blood donor samples with an accuracy of about 95 percent.
The loan from the European Investment Bank will go toward the development of Stat-Dx's diagnostic platform for detecting infectious pathogens, such as meningitis.
The firm is in the process of sequencing phage genomes as well as bacterial genomes before and after phage infection, in order to develop antimicrobials.
The funding will go toward completing the development of the company's point-of-care platform for distinguishing bacterial from viral infections.
The bill would create tax credits covering half of the clinical testing expenses incurred in the development of rapid diagnostics for certain infectious diseases.
The firm has immediate access to $800,000 in previously restricted cash, and an additional $10.8 million in capital through new convertible notes.
The firm said that its metagenomic sequencing-based service provides a broad scope of pathogen testing for people with chronic medical conditions.