T2 Biosystems Reports Granting of Inducement Award

Rhea-AI Summary

T2 Biosystems (NASDAQ:TTOO) announced the issuance of inducement awards to 28 new employees, comprising options to purchase 872,500 shares, effective April 1, 2022. The options have a ten-year term with an exercise price of $0.52, matching the closing price on the grant date. They vest over a four-year period. This initiative is part of the company’s Inducement Award Plan, which aims to attract talent to enhance its rapid sepsis detection capabilities.

Positive

• Issuance of inducement awards signifies investment in talent acquisition.
• Options to purchase 872,500 shares provide incentive alignment with employees.
• The exercise price of $0.52 is favorable, aligning with closing stock price.

Negative

• None.

LEXINGTON, Mass., April 14, 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 twenty-eight new employees.

The awards were made on April 1, 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 872,500 shares of T2 Biosystems common stock and have a ten-year term. The exercise price of the options was $0.52 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on April 1, 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 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.

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 28 new employees, consisting of options to purchase 872,500 shares at an exercise price of $0.52.

When were the inducement awards issued by T2 Biosystems?

The inducement awards were issued on April 1, 2022.

How long is the term for the stock options granted by T2 Biosystems?

The stock options granted have a ten-year term.

What is the vesting period for the options granted to new employees at T2 Biosystems?

The options vest over a four-year period, with 25% vesting on the first anniversary and the remainder vesting monthly thereafter.

How does T2 Biosystems attract new talent?

T2 Biosystems attracts new talent through its Inducement Award Plan, offering equity awards to new employees.