NEW YORK (GenomeWeb) – T2 Biosystems has entered into a $50 million debt facility agreement with CRG.

The firm will initially draw $40 million and can take out the rest through July 27, 2018, based on certain operating milestones.

T2 Bio said in a statement that it will use approximately $28 million to retire existing debt facilities and promissory notes. The remainder will be used for general corporate purposes, as working capital, and to fund strategic priorities.