T2 Biosystems Prices Below Proposed Range, Goes Public
August 08, 2014
T2 Biosystems, an in vitro diagnostics company developing tests that detect sepsis and hemostasis, has completed its IPO and raised $57 million by offering 5.2 million shares at $11 per share, considerably lower than the planned $15 to $17 range. The company, which will trade on the NASDAQ under the symbol TTOO, has raised over $94 million in venture funding, most recently landing a $40 million Series E round at a $155 million valuation in March 2013. Investors that have backed T2 Biosystems include Polaris Partners (16.9% pre-IPO stake), Flagship Ventures (16.9%), Aisling Capital (14.7%) and Flybridge Capital Partners (9.9%), among others.