T2 Biosystems Reports Granting of Inducement Award
LEXINGTON, Mass., April 15, 2020 (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 four new employees.
The awards were made on March 18, 2020 and April 14, 2020 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 award granted on March 18, 2020 consists of an option to purchase 40,000 shares of T2 Biosystems common stock and has a ten-year term. The exercise price of the option was $0.365, which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on March 18, 2020. The inducement award granted on April 14, 2020 consists of options to purchase 19,000 shares of T2 Biosystems common stock and has a ten-year term. The exercise price of the options were $0.558, which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on April 14, 2020. The options vest in equal monthly installments over the four-year period following the grant date. 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, and the T2ResistanceTM Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including products for the detection of additional species and antibiotic resistance markers of sepsis pathogens, and tests for Lyme disease.
Media Contact:
Gina Kent, Vault Communications
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Investor Contact:
Philip Trip Taylor, Gilmartin Group
415-937-5406
