T2 raises $57M in IPO
Diagnostics company T2 Biosystems Inc. (NASDAQ:TTOO) raised $57 million in its initial public offering of 5.2 million shares at $11 per share, valuing the company at $211.2 million. Goldman Sachs; Morgan Stanley; Leerink; and Janney Montgomery Scott were underwriters. Last month, the company proposed to sell 4 million shares at $15-$17 per share. At the midpoint price, T2 would have raised $64 million and been valued at $288.4 million (see BioCentury Extra, July 28).
In May, T2 Biosystems submitted a 510(k) application to FDA for the company's T2Dx bench-top instrument and its T2Candida assay for use on T2Dx to identify five species of Candida from whole blood samples. T2Candida uses NanoDx magnetic biosensor technology to detect the sepsis-causing pathogens. ...