Massachusetts-based T2 Biosystems raised its hopes for its upcoming initial public offering, raising its maximum aggregate take to $78.2 million if shares sell at $17 apiece.
The company had previously set its max raise at $69 million before releasing more detail about its IPO. In a new SEC filing T2 said it plans to sell 4 million shares at $15-$17 apiece.
At the $16 mid-point of the range, the company would raise $64 million for its MRI-based diagnostic systems. Certain of the company’s stockholders and affiliated entities have also expressed interest in purchasing up to $17 million in common stock under the IPO, according to T2’s new prospectus.
T2 develops magnetic resonance technology to detect infections, eliminating the need for time-consuming blood culture work. The company has already submitted a pair of products to the FDA for review through the agency’s de novo fast-track for novel technologies, including the T2Dx diagnostic instrument and T2Candida panel, which can rapidly identify 5 "clinically relevant" types of the fungal pathogen Candida, a known cause of sepsis.
T2 plans to use the proceeds from its IPO to fund its R&D programs, obtain FDA approvals, boost its workforce and support general corporate activities, the company said.
T2 will trade on the Nasdaq exchange under the symbol TTOO.
