T2 Biosystems Announces the Conversion of an Additional $15 Million of CRG Term Loan into Equity
06 Mai 2024 - 10:29PM
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid
detection of sepsis-causing pathogens and antibiotic resistance
genes, today announced the conversion of an additional $15 million
of its term loan with entities affiliated with CRG Servicing LLC
(“CRG”) into T2 Biosystems equity. Following this conversion, the
company has reduced its total debt and quarterly interest payments
by approximately 80% percent over the past year.
This conversion follows cancellation of $15
million of the CRG Term Loan Agreement in exchange for 3,280,618
shares of common stock and 17,160.48 shares of Series A Convertible
Preferred Stock on April 12, 2024.
“Through the conversion of debt to equity, we
have improved our balance sheet materially over the past 12
months,” stated John Sperzel, Chairman and CEO at T2 Biosystems.
“Strengthening the financial position of the Company provides
flexibility to advance our commercial and development priorities
across three distinct, large, and underserved market
opportunities.”
About T2 BiosystemsT2
Biosystems, a leader in the rapid detection of sepsis-causing
pathogens and antibiotic resistance genes, is dedicated to
improving patient care and reducing the cost of care by helping
clinicians effectively treat patients faster than ever before. T2
Biosystems’ products include the T2Dx® Instrument, the T2Bacteria®
Panel, the T2Candida® Panel, the T2Resistance® Panel, and the
T2Biothreat™ Panel, and are powered by the proprietary T2 Magnetic
Resonance (T2MR®) technology. T2 Biosystems has an active pipeline
of future products, including the U.S. T2Resistance Panel, the
Candida auris test, and the T2Lyme™ Panel. For more information,
please visit www.t2biosystems.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including, without limitation, statements about the
financial position of the Company and its flexibility to advance
its commercial and development priorities, as well as statements
that include the words “expect,” “may,” “should,” “anticipate,” and
similar statements of a future or forward-looking nature. These
forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to, (i) any
inability to (a) realize anticipated benefits from commitments,
contracts or products; (b) successfully execute strategic
priorities; (c) bring products to market; (d) expand product usage
or adoption; (e) obtain customer testimonials; (f) accurately
predict growth assumptions; (g) realize anticipated revenues; (h)
incur expected levels of operating expenses; or (i) continue as a
going concern; or (i) increase the number of high-risk patients at
customer facilities; (ii) failure of early data to predict eventual
outcomes; (iii) failure to make or obtain anticipated FDA filings
or clearances within expected time frames or at all; or (iv) the
factors discussed under Item 1A. “Risk Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023,
filed with the U.S. Securities and Exchange Commission, or SEC, on
April 1, 2024, and other filings the Company makes with the SEC
from time to time, including our Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. These and other important factors
could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press
release. Any such forward-looking statements represent management’s
estimates as of the date of this press release. While the Company
may elect to update such forward-looking statements at some point
in the future, unless required by law, it disclaims any obligation
to do so, even if subsequent events cause its views to change.
Thus, no one should assume that the Company’s silence over time
means that actual events are bearing out as expressed or implied in
such forward-looking statements. These forward-looking statements
should not be relied upon as representing the Company’s views as of
any date subsequent to the date of this press release.
Investor Contact:Philip Trip
Taylor, Gilmartin Groupir@T2Biosystems.com415-937-5406
T2 Biosystems, Inc. has filed a
registration statement for a Form S-1 (including a preliminary
prospectus) with the Securities and Exchange Commission, or the
SEC, for the public offering. Before you invest, you should read
the Preliminary Prospectus and the other documents T2 Biosystems,
Inc. has filed with the SEC for more complete information about T2
Biosystems, Inc. and the public offering. You may get these
documents for free by visiting EDGAR on the SEC web site at
www.sec.gov. Alternatively, T2 BioSystems, Inc., A.G.P. or any
dealer participating in the public offering will arrange to send
you the Preliminary Prospectus if you request it by contacting
A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
New York, NY 10022, or by telephone at (212) 624-2060.
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