For Immediate Release
January 5, 2017
SAN DIEGO, CA – WBB Securities acted as financial advisor to T2 Biosystems, Inc., a manufacturer of next generation diagnostic equipment, for a credit facility up to $50 million. T2 Biosystems currently sells its systems to hospitals across the nation. The credit facility was offered by CRG LP, a premier healthcare investment group. T2 Biosystems will have immediate access to $40 million through the facility and will utilize $28 million of the proceeds to retire existing debt. Another $10 million will be made available to T2 Biosystems by the lenders upon achievement of certain operational milestones.
T2 Biosystems intends to use the net proceeds from the offering principally for general corporate purposes, working capital and the company’s strategic priorities.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
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About T2 Biosystems
T2 Biosystems is focused on developing innovative diagnostic products to improve patient health. With two FDA-cleared products targeting sepsis and a range of additional products in development, T2 Biosystems is an emerging leader in the field of in vitro diagnostics. The Company is utilizing its proprietary T2 Magnetic Resonance platform, or T2MR, to develop a broad set of applications aimed at lowering mortality rates, improving patient outcomes and reducing the cost of healthcare by helping medical professionals make targeted treatment decisions earlier. T2MR enables the fast and sensitive detection of pathogens, biomarkers and other abnormalities in a variety of unpurified patient sample types, including whole blood, eliminating the time-consuming sample prep required in current methods. For more information, please visit www.t2biosystems.com.