T2 Biosystems has announced that it has signed a definitive agreement to sell approximately $8 million in shares and warrants to a group of investors.
Under the terms of the agreement, T2 will sell a combination of an aggregate of 2,025,317 shares of common stock (or pre-funded warrants in lieu of the shares) series A warrants to purchase up to 2,025,317 shares of common stock, and short-term series B warrants to purchase up to 2,025,317 shares of common stock at a purchase price of $3.95 per share (or per pre-funded warrant) in a private placement.
The series A and short-term series B warrants will have an exercise price of $3.70 per share, with the series A warrants expiring five and a half years and the short-term series B warrants expiring eighteen months from the date of issuance.
In a statement, T2 said that the private placement is expected to close on or about May 17, subject to customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent in the transaction.
The Lexington, MA-based firm said that it intends to use the net proceeds from the offering for working capital and general corporate purposes, including sales and marketing, as well as manufacturing and clinical development costs.
