T2 Biosystems Reports Granting of Inducement Award

Rhea-AI Summary

T2 Biosystems (NASDAQ:TTOO) announced the issuance of inducement awards to eighteen new employees on January 26, 2022. These awards, totaling options for 473,500 shares, were granted under the company's Inducement Award Plan. The options have a ten-year term with an exercise price of $0.398, based on the stock's closing price on the award date. Vesting occurs over four years, with 25% vesting on the first anniversary. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens, aiming to enhance patient care and reduce costs.

Positive

• Inducement awards granted for 473,500 shares, potentially attracting talent.
• Options have a 10-year term, aligning employee incentives with company growth.

Negative

• None.

LEXINGTON, Mass., Feb. 04, 2022 (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 eighteen new employees.

The awards were made on January 26, 2022, under the T2 Biosystems’ Inducement Award Plan (the "Inducement Plan"), which was adopted on March 1, 2018, and amended and restated on December 17, 2021, and provides for the granting of equity awards to new employees of T2 Biosystems. The inducement awards consist of options to purchase 473,500 shares of T2 Biosystems common stock and have a ten-year term. The exercise price of the options was $0.398 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on January 26, 2022. 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 T2ResistanceTM 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 T2CaurisTM Panel, and T2Lyme TM Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, and biothreat pathogens.

Media Contact:
Gina Kent, Vault Communications
gkent@vaultcommunications.com
610-455-2763

Investor Contact:
Philip Trip Taylor, Gilmartin Group
philip@gilmartinIR.com
415-937-5406

FAQ

What were the inducement awards issued by T2 Biosystems on January 26, 2022?

T2 Biosystems issued inducement awards totaling options for 473,500 shares to eighteen new employees.

What is the exercise price of the options granted to new employees at T2 Biosystems?

The exercise price of the options was $0.398, the closing price on January 26, 2022.

How long do the options granted to T2 Biosystems employees last?

The options have a ten-year term.

What is the vesting schedule for the inducement awards at T2 Biosystems?

The awards vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly over the next three years.

Which plan did T2 Biosystems use to issue the inducement awards?

The inducement awards were issued under T2 Biosystems’ Inducement Award Plan.