T2 Biosystems Reports Granting of Inducement Award

Rhea-AI Summary

T2 Biosystems, a leader in sepsis detection, announced the granting of inducement awards to 20 new employees on October 1, 2021. These awards consist of options to purchase 621,500 shares at an exercise price of $0.938, the closing price on that date. The awards will vest over four years. This issuance is part of T2 Biosystems’ Inducement Award Plan, aimed at enhancing employee retention and attracting talent within the competitive healthcare market. T2 Biosystems continues to innovate with its proprietary T2 Magnetic Resonance technology to improve patient care.

Positive

• Issuance of inducement awards to 20 new employees, enhancing talent acquisition.
• Options to purchase 621,500 shares at $0.938 per share, aligning employee interests with shareholder value.
• Vesting period of four years encourages long-term commitment from employees.

Negative

• None.

LEXINGTON, Mass., Oct. 15, 2021 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO) a leader in the rapid detection of sepsis-causing pathogens, announced today that it issued inducement awards to twenty new employees.

The awards were made on October 1, 2021 under T2 Biosystems’ Inducement Award Plan (the "Inducement Plan"), which was adopted on March 1, 2018 and amended and restated on January 8, 2020 and provides for the granting of equity awards to new employees of T2 Biosystems. The inducement awards consist of options to purchase 621,500 shares of T2 Biosystems common stock and have a ten-year term. The exercise price of the options was $0.938 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on October 1, 2021. The options vest over a four-year period, with 25% vesting on the first anniversary of the employee’s date of hire and the remainder vesting in equal monthly installments over the three years thereafter. The award was approved by the independent compensation committee of T2 Biosystems’ board of directors and was granted as an inducement material to the new employee entering into employment with T2 Biosystems in accordance with Nasdaq Marketplace Rule 5635(c)(4).

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, the T2Bacteria® 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 T2Cauris™ Panel, and T2Lyme™ Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, and biothreat pathogens.

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