T2 Biosystems Files IPO Of Up To $69 Mln - Quick Facts

(RTTNews) - T2 Biosystems Inc. has filed with the U.S. Securities and Exchange Commission to raise up to $69 million in an initial public offering.

The company did not specify the number of shares to be sold and the pricing. However, the company stated that it has made application to list its common stock on The NASDAQ Global Market under the symbol "TTOO".

The company noted that it plans to use the net proceeds from this offering to commercialize our T2Dx and T2Candida product candidates if they receive marketing authorization from the FDA, to fund development of its other product candidates and for working capital and general corporate purposes.

The company said it is an in vitro diagnostics company that has developed a proprietary technology platform that offers a rapid, sensitive and simple alternative to existing diagnostic methodologies. It is using its T2 Magnetic Resonance platform, or T2MR, to develop a broad set of applications aimed at lowering mortality rates, improving patient outcomes and reducing the cost of healthcare by helping medical professionals make targeted treatment decisions earlier.

It was incorporated under the laws of the state of Delaware in 2006. Its principal executive offices are located at 101 Hartwell Avenue, Lexington, Massachusetts 02421.

The company stated that it has incurred significant losses since inception through March 31, 2014 and expect to incur losses in the future. Its accumulated deficit as of March 31, 2014 was $98.1 million and It incurred net losses of $20.6 million and $6.9 million for the year-ended December 31, 2013 and the three months ended March 31, 2014, respectively.

It expects that its losses will continue for at least the next several years as it will be required to invest significant additional funds toward development and commercialization of its technology.