T2 Biosystems Announces Amendment and Extension of CRG Term Loan Agreement
T2 Biosystems, Inc. (NASDAQ:TTOO) announced an amendment and extension of its Term Loan Agreement with CRG Servicing LLC, extending the maturity date to December 30, 2024. This amendment will provide additional balance sheet flexibility for the company. T2 Biosystems is noted for its rapid sepsis diagnostics, reporting record sepsis revenue in Q3 and ongoing pipeline development, including advancements in Lyme disease diagnostics. The partnership with CRG is critical for T2's ongoing growth strategy.
- Extension of the Term Loan Agreement with CRG by one year to December 30, 2024.
- Record revenue for sepsis diagnostics in the third quarter.
- Advancements in product pipeline including Lyme disease diagnostics.
- None.
LEXINGTON, Mass., Nov. 10, 2022 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistant genes, today announced the successful amendment and extension to its Term Loan Agreement with CRG Servicing LLC (“CRG”).
The amendment extends both the interest-only period and the maturity date by one year from December 30, 2023 to December 30, 2024. No other material amendments were made to the Term Loan Agreement.
“We continue to be excited by T2 Biosystems’ direct-from-blood diagnostic technology and its ability to rapidly detect sepsis-causing pathogens and antibiotic resistance genes,” said Luke Düster, partner at CRG. “We are pleased to extend our partnership and financial support and we are encouraged by the Company’s progress, including the record third quarter sepsis revenue and pipeline developments, including Lyme disease.”
“The extension of our term loan agreement with CRG is important, as it provides balance sheet flexibility as we advance our growth strategy,” said John Sperzel, Chairman and CEO at T2 Biosystems. “We value our partnership with CRG and we appreciate the continued support of our business strategy.”
About T2 Biosystems
T2 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 T2SARS-CoV-2™ Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including the T2Biothreat™ Panel, the T2Cauris™ Panel, and T2Lyme™ Panel, as well as next-generation products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers. For more information, please visit www.t2biosystems.com.
Forward-Looking Statements
This 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 regarding our revenue results and cash balance, financial outlook, instrument contracts, timing of filing of an FDA submission, impact of operating expense reductions, anticipated strategic priorities, product demand, commitments or opportunities, and growth expectations or targets, 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) 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, 2021, filed with the U.S. Securities and Exchange Commission, or SEC, on March 23, 2022, 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 Group
ir@T2Biosystems.com
415-937-5406
FAQ
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