Shares in the diagnostics group T2 Biosystems Inc (NASDAQ:TTOO) slumped over 31% in pre-market after the group priced a planned share offering at a sharp discount to the current price.
The volume activity was very heavy in pre-market with 400,000 shares changings hands before the New York open.
The price of the offering was put at $4 a share, which is 34% below yesterday's closing price of $6.08, for gross proceeds of $17.5 million.
Canaccord Genuity Inc and Cantor Fitzgerald & Co are acting as joint book-running managers for the fundraise.
The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Shares have doubled since the end of July and the stock has rallied 15.6% in the year to date up to yesterday.
