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T2 Biosystems Files to Sell up to $100M in Stock

NEW YORK (GenomeWeb) – Molecular diagnostics firm T2 Biosystems this week filed with the US Securities and Exchange Commission to sell up to $100 million of its common stock through one or more future offerings.

According to the filing, the company is also seeking SEC approval for certain undisclosed shareholders to sell up to $43 million of the company's common stock from time to time. T2 said that it would not receive any of the proceeds from the sale of these securities.

T2 said that it intends to use the proceeds from its offerings for general corporate purposes, including the acquisition of companies or businesses, the repayment and refinancing of debt, working capital, research and development, and clinical trial costs.

The company said that the number of securities sold through the offering have yet to be determined.

As of the end of its fiscal second quarter on June 30, T2 held cash and cash equivalents totaling $53.3 million.

In late Wednesday morning trade on the Nasdaq, shares of T2 were down 5 percent at $10.85.