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T2 Biosystems Raises $20.1 M in Public Stock Offering

NEW YORK (360Dx) – T2 Biosystems said yesterday that it has closed its previously announced public stock offering of about 4.4 million shares at $4 per share, raising $20.1 million in gross proceeds.

The underwriters for the offering, Canaccord Genuity and Cantor Fitzgerald, exercised their option to purchase an additional 656,250 shares of T2 common stock at $3.76 per share, T2 Bio said in a document filed with the US Securities and Exchange Commission.  

The company has submitted an application with the US Food and Drug Administration for clearance of the T2Bacteria panel, which would run on the FDA-cleared T2Dx instrument. The panel detects sepsis pathogens within hours, potentially reducing the time that patients with bloodstream infections would have to wait to receive treatment.

The Lexington, Massachusetts-based firm's shares were down 3 percent to $4.32 in late morning trading on the Nasdaq today.