Massachusetts-based T2 Biosystems (NSDQ:TTOO) fell below target with its initial public offering today, raising $57 million in support of its MRI-based diagnostic systems.

The company had hoped to raise closer to $68 million, or as much as $78.2 million according to the IPO cap it registered last week. TTOO shares were supposed to sell for $15-$17 each, but opened on the Nasdaq stock exchange this morning at $11.

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 has said.

TTOO shares surged after their opening their morning, gaining 31.6%, trading at $14.47 as of about 1:40 p.m. EST.