Skip to main content
Premium Trial:

Request an Annual Quote

T2 Bio Sets Price Range for Planned IPO, Eyes $65.9M in Net Proceeds

NEW YORK (GenomeWeb) – T2 Biosystems today set a price range of between $15 and $17 per share on its planned initial public offering, with anticipated net proceeds of up to $65.9 million.

In an amended preliminary prospectus filed with the US Securities and Exchange Commission, the molecular diagnostics firm said it plans to offer 4 million shares of its common stock. At the $16 midpoint price, the offering would bring in net proceeds of $57 million.

If the underwriters of the offering – Goldman Sachs, Morgan Stanley, Leerink Partners, and Janney Montgomery Scott – exercise their overallotment options in full, the anticipated net proceeds would increase to $65.9 million.

The company was founded in 2006 and is developing a technology platform called T2 Magnetic Resonance Platform, or T2MR. The technology comes out of research done at the Massachusetts Institute of Technology and uses nanoparticles to measure the reaction of water molecules in the presence of magnetic fields.

The firm said it would use around $29 million of the net proceeds from the offering to fund R&D programs. It also plans to use $22 million to support efforts to gain marketing authorization and commercialize its T2Dx diagnostic instrument and its T2Candida panel, a test to rapidly identify five clinically relevant species of Candida, a fungal pathogen known to cause sepsis.

Lexington, Mass.-based T2 Bio said in its preliminary prospectus that its goal is to commercialize the instrument and Candida test in the US in the first half of 2015.

The remainder of the proceeds from the offering would be used for general corporate purposes, including general and administrative expenses, working capital, purchasing equipment for laboratory and manufacturing-related purposes, expansionion of facilities, and repaying debt.

The firm filed documents with the SEC to go public earlier this month, saying it plans to list its shares on the Nasdaq Global Market under ticker symbol "TTOO."