T2 Biosystems, Inc - TTOO STOCK NEWS

T2 Biosystems (NASDAQ:TTOO), a leader in rapid sepsis pathogen and antibiotic resistance gene detection, has announced its participation in two upcoming investor conferences in August 2024:

• The Canaccord Genuity Annual Growth Conference in Boston, MA, where management will host a fireside chat on August 14, 2024, at 10:30am ET.
• The Sidoti Micro-Cap Conference, with virtual participation and a management presentation scheduled for August 15, 2024, at 1:00pm ET.

Interested parties can access live and recorded webcasts of these presentations on the "Investors" section of T2 Biosystems' website at www.t2biosystems.com.

T2 Biosystems (NASDAQ:TTOO) announced its Q2 2024 financial results, highlighting record quarterly and first half sepsis test revenue, with 27% and 25% growth respectively compared to the prior year. The company achieved total revenue of $2.0 million, all from sepsis product sales. T2 Biosystems executed contracts for 2 T2Dx® Instruments outside the U.S. and signed multiple international distribution agreements. The company also strengthened its balance sheet by converting $30.0 million of term loan debt and raised $8.0 million through a private placement stock sale.

Key pipeline developments include completing clinical studies for the T2Lyme Panel, submitting a 510(k) for pediatric testing with the T2Candida® Panel, and advancing the T2Resistance Panel toward FDA submission. The company reiterated its 2024 financial outlook, expecting full year sepsis product revenue of $10.0 million to $11.0 million, representing 49% to 64% growth compared to 2023.

T2 Biosystems (NASDAQ:TTOO) has announced a territory exclusive distribution agreement for Malaysia and Indonesia, expanding its international commercial presence. This agreement allows T2 Biosystems to sell its T2Dx® Instrument and related test panels through the newly appointed distributor. The expansion follows recent entry into Hong Kong and Macau, marking four new territories in Asia Pacific in the past month.

The move aims to address the critical issue of sepsis in these regions, where studies have shown high mortality rates in intensive care units. T2 Biosystems' technology enables rapid detection of sepsis-causing pathogens and antibiotic resistance genes in hours, potentially improving patient care and enabling faster targeted therapy.

T2 Biosystems (NASDAQ:TTOO), a leader in rapid sepsis pathogen and antibiotic resistance gene detection, has announced its second quarter 2024 financial results and business updates will be reported on July 29, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time on the same day.

Investors can access the call by dialing 1-888-506-0062 (US/Canada) or 1-973-528-0011 (International) with passcode 109834. A live and archived webcast will also be available on the company's website in the Investors section under Events & Presentations.

T2 Biosystems (NASDAQ:TTOO) has signed an exclusive distribution agreement to expand its commercial presence in Hong Kong and Macau. This agreement enables the sale of the T2Dx® Instrument, T2Bacteria® Panel, T2Candida® Panel, and T2Resistance® Panel through a local distributor. Sepsis, a leading cause of death in Hong Kong, has seen an increased incidence and mortality rate. Additionally, Macau has shown higher detection rates of the sepsis-causing MRSA pathogen compared to mainland China and Europe. The introduction of these rapid diagnostic tools will facilitate quicker detection and targeted therapy of sepsis-causing pathogens and antibiotic resistance genes, offering significant potential for improving patient outcomes. John Sperzel, CEO of T2 Biosystems, emphasized the strategic importance of this Asia Pacific expansion in their global commercialization efforts.

T2 Biosystems (NASDAQ:TTOO) announced on May 22, 2024, that it has regained compliance with Nasdaq's market value of listed securities (MVLS) requirement. The company initially received a delisting notice on November 22, 2023, for failing to maintain an MVLS of at least $35 million over 30 consecutive business days. Following an appeal, the Nasdaq Hearings Panel granted an exception through May 20, 2024. T2 Biosystems successfully met the requirement by maintaining the necessary MVLS for 10 consecutive trading days as of May 16, 2024, thus ensuring continued listing on Nasdaq's Capital Market.

T2 Biosystems announced the completion of an $8 million private placement. The offering included 2,025,317 shares of common stock, series A warrants, and short-term series B warrants priced at $3.95 per share. The series A and B warrants have an exercise price of $3.70 per share and are immediately exercisable. The series A warrants expire in five and one-half years, while the series B warrants expire in eighteen months. H.C. Wainwright & Co. acted as the exclusive placement agent. The funds will be used for working capital, sales and marketing, manufacturing, and clinical development. The securities were offered under Section 4(a)(2) of the Securities Act and Regulation D and are not registered under the Securities Act or state securities laws. The company will file a resale registration statement for these securities.

T2 Biosystems (NASDAQ:TTOO) announced a private placement worth $8 million, priced at-the-market under Nasdaq rules. The deal involves the purchase of 2,025,317 shares of common stock, series A warrants, and short-term series B warrants, each to purchase up to 2,025,317 shares at $3.95 per share. The series A warrants have a $3.70 exercise price and expire in five and a half years, while the series B warrants also have a $3.70 exercise price but expire in eighteen months. H.C. Wainwright & Co. acted as the exclusive placement agent. The proceeds will be used for working capital, sales, marketing, manufacturing, and clinical development costs. Closing is expected by May 17, 2024, pending customary conditions.

T2 Biosystems (NASDAQ:TTOO) announced that CRG Servicing has converted its Series A and Series B Preferred Stock into Common Stock.

On May 9, 2024, T2 Biosystems amended and restated the Series A and Series B Certificates of Designation to remove limitations on beneficial ownership, allowing CRG to convert all its preferred shares. This resulted in the issuance of 1,824,800 shares of Common Stock, making CRG the owner of approximately 69% of the company's outstanding shares.

Previously, on May 6, 2024, T2 Biosystems converted $15 million of debt from CRG into 3,280,618 shares of Common Stock and 17,146.48 shares of Series A Preferred Stock. Similarly, on July 3, 2023, $10 million of debt was converted into 483,457 shares of Common Stock and 93,297.26 shares of Series B Preferred Stock.