Diagnostics-maker T2 Biosystems is preparing to go public in an offering that could garner as much as $69 million, according to SEC filings.
The Massachusetts-based company uses magnetic resonance technology to detect infections, eliminating the need for time-consuming blood culture work. T2 has already submitted a pair of products to the FDA for review through the agency’s de novo fast-track for novel technologies.
T2 is seeking FDA approval for its T2Dx diagnostic instrument and T2Candida panel, which can rapidly identify 5 "clinically relevant" types of the fungal pathogen Candida, a known cause of sepsis.
"We believe our sepsis product candidates will redefine the standard of care in sepsis management while lowering healthcare costs by improving both the precision and the speed of pathogen detection," according to T2’s IPO prospectus summary. "Our pivotal clinical trial demonstrated that T2Candida can deliver actionable results as fast as 3 hours, with an average time to result during the trial of 4.2 hours, rather than the 2 to five 5 typically required for blood-culture-based diagnostics."
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, according to the SEC filing.
The company hasn’t yet detailed quantity or pricing for the shares it plans to offer, but said that it will trade on the Nasdaq Global Market under the symbol TTOO.