T2 Biosystems, which is developing diagnostics tests that screen for sepsis and hemostasis, filed on Wednesday with the SEC to raise up to $69 million in an initial public offering. The company claims that its technology platform will lead to an earlier detection of sepsis, which is the most expensive hospital-treated condition in the US with a 30% mortality rate. Combined with the detection of impaired hemostasis, T2 pegs its annual US addressable market at $3 billion. Primary backers include Goldman Sachs (GS), Polaris Partners and Flagship Ventures.
The Lexington, MA-based company, which was founded in 2006, plans to list on the NASDAQ under the symbol TTOO. T2 Biosystems initially filed confidentially on April 24, 2014. Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
