T2 Biosystems (TTOO) Announces $40M Private Placement with Canon U.S.A

September 22, 2016 8:02 AM EDT

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T2 Biosystems, Inc. (NASDAQ: TTOO) announced the purchase by Canon U.S.A., of approximately $40 million of the company’s stock in a private placement. The shares were purchased at $6.56, the closing market price of Tuesday, September 20, 2016. With this investment, Canon owns 19.9 percent of T2 Biosystems and Canon’s chief administrative officer and general counsel, Seymour Liebman has joined the company’s board of directors. This private placement closed on September 21, 2016.

“We are pleased to have the strong backing of our committed partner Canon – with whom we have been collaborating on Lyme disease product development since February of 2015,” said John McDonough, chief executive officer of T2 Biosystems. “Importantly, this financing puts us in a solid position to continue to grow the business, including furthering our launch of the T2Bacteria™ Panel into the market in 2017 and beyond. We expect the T2Bacteria Panel to be a critical catalyst for our overall sepsis commercial efforts, and we remain on track to submit our application for marketing clearance to the FDA by mid-2017.”

"Working closely with T2 Biosystems in the development of the Lyme disease diagnostic panel, we have come to appreciate the capabilities of its innovative diagnostic solutions,” said Joe Adachi, chairman and CEO, Canon U.S.A. “We are pleased to extend our relationship with T2 Biosystems and look forward to working together in the future.”

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