T2 Biosystems tumbles on equity offering plans

T2 Biosystems

14/02/2023 13:43

** T2 Biosystems Inc's  TTOO.O  shares down ~16% at $1.18
premarket as in vitro diagnostics co looks to raise equity
    ** Co focused on detecting sepsis-causing pathogens late Mon
launched offering of stock and warrants; deal size not disclosed
 urn:newsml:reuters.com:*:nGNXb42HsF
    ** Co to use net offering proceeds for working capital and
general purposes, per prospectus filing
    ** At end-Dec, co estimates it had ~$12 mln of cash/cash
equivalents
    ** Co has ~$10 mln market cap, based on ~7.3 mln shares
outstanding, per Refinitiv
    ** TTOO has lost 93% over the past year through Mon close
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))