T2 Biosystems Announces Conversion of Approximately Twenty Percent of CRG Term Loan into Equity
06 Julho 2023 - 9:00AM
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid
detection of sepsis-causing pathogens and antibiotic resistance
genes, today announced the conversion of approximately 20% of its
term loan with entities affiliated with CRG Servicing LLC (“CRG”)
into T2 Biosystems common stock and Series B convertible preferred
stock.
The conversion reduces the outstanding principal
amount of the term loan by $10 million, or approximately 20%, in
exchange for 48,345,798 shares of T2 Biosystems common stock and
Series B Convertible Preferred Stock convertible into 93,297,259
shares of common stock, based on the June 30, 2023 close of
business price of $0.0706 per share. The Series B Preferred shares
will be eligible to be converted into common stock upon shareholder
approval. The December 30, 2024 interest-only period end and
maturity date of the term loan is unchanged. Following this
transaction, CRG is now a 19.99% beneficial owner of T2 Biosystems’
outstanding common stock.
“We appreciate CRG’s continued support of T2
Biosystems as we develop and commercialize our products for the
rapid detection of bacterial, fungal, and bioterrorism pathogens,
as well as antibiotic resistance genes, directly-from-blood,
without the need to wait days for a positive blood culture,” said
John Sperzel, Chairman and CEO at T2 Biosystems. “Equitizing a
portion of the term loan strengthens our balance sheet and provides
additional optionality to capitalize the business to achieve our
growth and development initiatives.”
About T2 BiosystemsT2
Biosystems, a leader in the rapid detection of sepsis-causing
pathogens and antibiotic resistance genes, 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, the T2Bacteria®
Panel, the T2Candida® 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 T2Biothreat™ Panel, the T2Cauris™
Panel, and T2Lyme™ Panel, as well as next-generation products for
the detection of bacterial and fungal pathogens and associated
antimicrobial resistance markers. For more information, please
visit www.t2biosystems.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including, without limitation, statements regarding
stockholder approval of the conversion of debt into shares of
common stock, the potential benefit of rapid, culture-independent
diagnostics and the ability to demonstrate the value of the
T2Bacteria Panel in rapidly identifying causative bacterial
pathogens in septic patients, as well as statements that include
the words “expect,” “may,” “should,” “anticipate,” and similar
statements of a future or forward-looking nature. These
forward-looking statements are based on management’s current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to, (i) any
inability to (a) realize anticipated benefits from commitments,
contracts or products; (b) successfully execute strategic
priorities; (c) bring products to market; (d) expand product usage
or adoption; (e) obtain customer testimonials; (f) accurately
predict growth assumptions; (g) realize anticipated revenues; (h)
incur expected levels of operating expenses; or (i) increase the
number of high-risk patients at customer facilities; (ii) failure
of early data to predict eventual outcomes; (iii) failure to make
or obtain anticipated FDA filings or clearances within expected
time frames or at all; or (iv) the factors discussed under Item 1A.
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2022, filed with the U.S. Securities and
Exchange Commission, or SEC, on March 31, 2023, and other filings
the Company makes with the SEC from time to time, including our
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
These and other important factors could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management’s estimates as of the date of this
press release. While the Company may elect to update such
forward-looking statements at some point in the future, unless
required by law, it disclaims any obligation to do so, even if
subsequent events cause its views to change. Thus, no one should
assume that the Company’s silence over time means that actual
events are bearing out as expressed or implied in such
forward-looking statements. These forward-looking statements should
not be relied upon as representing the Company’s views as of any
date subsequent to the date of this press release.
Investor Contact:Philip Trip Taylor, Gilmartin
Groupir@T2Biosystems.com 415-937-5406
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