LEXINGTON, Mass., Feb. 15, 2023 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ: TTOO) today announced the pricing of its previously announced underwritten public offering of 11,111,111 shares of common stock (or common stock equivalents) and warrants to purchase up to 22,222,222 shares of common stock at a combined public offering price of $1.08 per share of common stock (or common stock equivalent) and accompanying warrants, for initial gross proceeds of approximately $12 million, before underwriting discounts and commissions and offering expenses. The warrants have an exercise price of $1.08 per share, are exercisable immediately and will expire five years following the date of issuance.

The offering is expected to close on or about February 17, 2023, subject to customary closing conditions.

Craig-Hallum Capital Group LLC is acting as the sole managing underwriter for the offering.

This offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission (SEC) on March 31, 2021 and was declared effective on April 9, 2021. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC's website at www.sec.gov. A final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 222 South 9th Street, Suite 350, Minneapolis, Minnesota 55402, by telephone at (612) 334-6300, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About T2 Biosystems

T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2SARS-CoV-2™ Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including the T2Biothreat™ Panel, the T2Cauris™ Panel, and T2Lyme™ Panel, as well as next-generation products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the public offering of T2 Biosystems’s common stock (or common stock equivalents) and warrants, and anticipated closing and proceeds of the offering. These and other important factors discussed under the caption “Risk Factors” in T2 Biosystems’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (SEC), T2 Biosystems’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, and T2 Biosystems’s other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statements speak only as of the date of this press release and are based on information available to T2 Biosystems as of the date of this release, and T2 Biosystems assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact

Philip Trip Taylor, Gilmartin Group
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415-937-5406