T2 Biosystems Reports Granting of Inducement Award

Rhea-AI Summary

T2 Biosystems (NASDAQ:TTOO) announced on March 26, 2021, the issuance of inducement awards to eighteen new employees, under its Inducement Award Plan. These awards include options to purchase 413,000 shares at an exercise price of $1.68, the closing price on March 25, 2021. The options vest over four years. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens and aims to enhance patient care while reducing costs. The company continues to innovate with products like the T2Dx® Instrument and has a robust pipeline of future offerings.

Positive

• Inducement awards issued to attract new talent, potentially enhancing workforce capabilities.
• Options to purchase 413,000 shares could align employee interests with company performance.

Negative

• None.

LEXINGTON, Mass., March 26, 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 eighteen new employees.

The awards were made on March 25, 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 413,000 shares of T2 Biosystems common stock and have a ten-year term. The exercise price of the options was $1.68 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on March 25, 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 the stock symbol for T2 Biosystems?

The stock symbol for T2 Biosystems is TTOO.

When were the inducement awards issued by T2 Biosystems?

The inducement awards were issued on March 25, 2021.

How many shares were included in the inducement awards for new employees?

The inducement awards included options to purchase 413,000 shares.

What was the exercise price of the options granted by T2 Biosystems?

The exercise price of the options was $1.68.

What is T2 Biosystems' focus area in the medical field?

T2 Biosystems focuses on the rapid detection of sepsis-causing pathogens.