T2 Biosystems Announces Amendment and Extension of CRG Term Loan Agreement
T2 Biosystems, Inc. (NASDAQ:TTOO) announced the successful amendment of its Term Loan Agreement with CRG Servicing LLC, extending the interest-only period and maturity date to December 31, 2023. This extension is crucial for enhancing balance sheet flexibility, enabling further growth initiatives. CRG expressed confidence in T2 Biosystems' progress with its diagnostic technology aimed at rapid detection of sepsis-causing pathogens. The company continues to improve patient care while advancing its product pipeline, potentially positioning itself for future growth.
- Extension of the Term Loan Agreement provides balance sheet flexibility.
- CRG's support reflects confidence in T2 Biosystems' growth and technological advancements.
- None.
LEXINGTON, Mass., Feb. 15, 2022 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens, 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 31, 2022 to December 31, 2023. No other material amendments were made to the Term Loan Agreement.
“We continue to be excited by the potential of T2 Biosystems’ direct-from-blood diagnostic technology for the rapid detection of 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 commercial growth and pipeline advancement.”
“The extension of our term loan agreement with CRG is important, as it provides balance sheet flexibility and allows us to advance our growth strategy,” said John Sperzel, Chairman and CEO at T2 Biosystems. “We value our partnership with CRG and appreciate the continued support of our business strategy.”
About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens, 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, T2Candida® Panel, T2Bacteria® Panel, T2Resistance® Panel, and T2SARS-CoV-2™ Panel and are powered by the Company’s proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including the T2Cauris™ Panel, T2Lyme™ Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, and biothreat pathogens.
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 T2 Biosystems’ ability to advance its growth strategy, as well as statements that include the words “expect,” “intend,” “plan”, “believe”, “project”, “forecast”, “estimate,” “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, 2020, filed with the U.S. Securities and Exchange Commission, or SEC, on March 31, 2021, and other filings the Company makes with the SEC from time to time. 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.
Media Contact:
Meagan Dominick, Vault Communications
mdominick@vaultcommunications.com
773-369-4255
Investor Contact:
Philip Trip Taylor, Gilmartin Group
philip@gilmartinIR.com
415-937-5406
FAQ
What recent development occurred with T2 Biosystems (TTOO) on February 15, 2022?
How does the amended loan agreement benefit T2 Biosystems (TTOO)?
What is CRG's perspective on T2 Biosystems (TTOO)?
When does the loan agreement extension for T2 Biosystems (TTOO) mature?
