NEW YORK (GenomeWeb) – T2 Biosystems has launched its initial public offering of 5.2 million shares of common stock at a price of $11 per share, bringing in gross proceeds of $57.2 million.
The Lexington, Mass.-based molecular diagnostics firm said that it has granted the underwriters a 30-day option to purchase an additional 780,000 share at the offering price. It expects to begin trading on the Nasdaq Global market today under ticker symbol "TTOO."
The firm had said in a preliminary prospectus last week that it anticipated offering 4 million shares at a price between $15 and $17 per share.
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.
T2 Bio said 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, expansion of facilities, and repaying debt.
Goldman Sachs and Morgan Stanley were joint book-running managers on the offering, while Leerink Partners and Janney Montgomery Scott were co-managers.