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T2 Biosystems Plans to Raise $17.5M in Public Stock Offering

NEW YORK (360Dx) – T2 Biosystems announced today that it expects to raise gross proceeds of $17.5 million in a planned offering of about 4.4 million shares of its common stock at $4 per share.

Canaccord Genuity and Cantor Fitzgerald are the book-running managers for the offering, which is anticipated to close on or about Sept. 19. The Lexington, Massachusetts-based firm has granted the underwriters a 30-day option to purchase up to an additional 656,250 shares of common stock at the public offering price, less the underwriting discount.

In late 2015, T2 Bio raised $34.1 million in gross proceeds from a public offering. The firm ended its second quarter with $46.1 million in cash and cash equivalents. Earlier this week, it said that it filed a 510(k) premarket submission for its T2Bacteria Panel with the US Food and Drug Administration.

The firm's shares were down 25 percent to $4.55 in late morning trading on the Nasdaq today.