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T2 Biosystems, Inc. (Symbol: TTOO) is a pioneering company in the field of in vitro diagnostics, dedicated to improving patient health through advanced diagnostic products. The company’s core focus is on developing rapid diagnostic tools aimed at detecting sepsis-causing pathogens and antibiotic resistance genes. Sepsis, a condition that accounts for one out of two hospital deaths, is a primary target for T2 Biosystems.
Utilizing its proprietary T2 Magnetic Resonance platform, or T2MR®, the company has launched FDA-cleared products such as the T2Dx Instrument, T2Bacteria Panel, and T2Candida Panel. These products enable faster, more accurate detection of pathogens, allowing clinicians to make informed treatment decisions earlier. T2 Biosystems is also working on an array of other diagnostic solutions targeting hemostasis, bacteria, and Lyme disease. Notably, the T2Lyme Panel is slated for commercial launch in the third quarter of 2024.
Recent achievements highlight the company’s growth and stability. T2 Biosystems has recently achieved double-digit growth in sepsis product revenue and significantly reduced its total debt by approximately 80% over the past year. The company is a leader in the rapid detection of sepsis-causing pathogens, powered by its proprietary T2 Magnetic Resonance technology. These advancements not only promise to lower mortality rates but also aim to enhance patient outcomes and reduce healthcare costs.
T2 Biosystems is committed to fostering an innovative and inclusive work environment. The company actively seeks to attract and retain top talent, encouraging a culture of growth and excellence. For those interested in joining the mission to transform medical diagnostics, open positions can be found on their website.
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.
T2 Biosystems, Inc. announced a non-binding letter of intent to partner with ECO Laboratory for the development of the T2Lyme Panel, a test for early Lyme disease detection. The panel aims to improve upon current antibody tests by providing quicker and more accurate results within 30 days of infection. The company plans to launch the product in the third quarter of 2024.
T2 Biosystems, Inc. (NASDAQ:TTOO) has announced a territory exclusive distribution agreement in Qatar to sell T2Dx® Instruments, the T2Bacteria® Panel, the T2Candida® Panel, and the T2Resistance® Panel through a new distributor. The agreement expands the company's commercialization in the Middle East, catering to Qatar's strong focus on sepsis care. The move aims to enable rapid detection of sepsis-causing pathogens and antibiotic resistance genes, enhancing targeted therapy delivery.
T2 Biosystems, a leader in sepsis detection, announced Q1 2024 financial results, showing 25% growth in sepsis product revenue. They converted $30M debt into equity, signed key agreements, and focused on product development.
T2 Biosystems announced the conversion of $15 million of its term loan into equity, reducing total debt by 80% over the past year. The company exchanged debt for shares, strengthening its balance sheet. This move provides financial flexibility for advancing commercial and development priorities.
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