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No Revenues, but T2 Biosystems' Q3 Highlighted By IPO and FDA Clearance

NEW YORK (GenomeWeb) – T2 Biosystems reported after the close of the market Tuesday that it took in no revenues for the third quarter ended Sept. 30.

In last year's third quarter, the firm recorded $91,000 in research and grant revenue.

Though T2 Bio did not record any revenues, its most recent quarter featured several important developments for the Lexington, Mass.-based molecular diagnostics firm.

In August the firm raised $57.2 million in an IPO, selling 5.2 million shares at a price of $11 per share. Including the exercise of the over-allotment option, T2 sold 5,980,000 shares and net proceeds totaled around $58 million.

In September, the US Food and Drug Administration cleared for marketing the firm's first two products, the T2Candida Panel and the T2Dx Instrument. The T2Candida panel is the first direct test for patients with symptoms of invasive fungal infections and can detect five different Candida yeast species in whole blood samples.

The firm also obtained the European CE Mark for those products and ISO 12385 certification in July.

"By executing a successful public financing and securing market authorization from the FDA for both a technology platform and an important initial diagnostic test panel, we put ourselves in a position to execute on our business plan," John McDonough, president and CEO of T2 Bio, said in a statement.

The firm posted a net loss of $8.8 million, or $.71 per share, compared to a loss of $6.6 million, or $4.69 per share, for Q3 2013. The increased loss was principally due to increases in operating expenses associated with a clinical trial and other regulatory support activity, R&D for additional applications of its T2MR platform, and expansion of marketing programs, the company said in a statement.

The firm's R&D spending increased 43 percent to $4.8 million from $3.4 million and its SG&A expenses climbed 134 percent to $3.0 million from $1.3 million.

T2 Bio finished the quarter with $75.6 million in cash and cash equivalents, which includes proceeds from the August IPO.

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