T2 Biosystems Reports Granting of Inducement Award

Rhea-AI Summary

T2 Biosystems (NASDAQ:TTOO) announced on July 19, 2021, the issuance of inducement awards to eleven new employees under its Inducement Award Plan. The awards include options to purchase 321,000 shares with an exercise price of $1.06, the closing price on July 8, 2021. Options vest over four years, with 25% vesting after one year. This initiative aims to attract talent while complying with Nasdaq rules, supporting T2’s mission in rapid pathogen detection.

Positive

• Issuance of inducement awards for attracting talent.
• Options consist of 321,000 shares with a favorable exercise price.

Negative

• None.

LEXINGTON, Mass., July 19, 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 eleven new employees.

The awards were made on July 8, 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 321,000 shares of T2 Biosystems common stock and have a ten-year term. The exercise price of the options was $1.06 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on July 8, 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:
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 is T2 Biosystems’ recent announcement regarding employee awards?

T2 Biosystems announced inducement awards for eleven new employees, comprising options to purchase 321,000 shares.

What is the exercise price for the new stock options issued by T2 Biosystems?

The exercise price for the stock options is $1.06, which was the closing price on July 8, 2021.

How long is the vesting period for the inducement awards at T2 Biosystems?

The options vest over a four-year period, with 25% vesting on the first anniversary of employment.

When was T2 Biosystems’ Inducement Award Plan adopted?

The Inducement Award Plan was adopted on March 1, 2018, and amended on January 8, 2020.

How many employees received inducement awards from T2 Biosystems?

T2 Biosystems issued inducement awards to eleven new employees.