STOCK TITAN

T2 Biosystems Announces Amendment and Extension of CRG Term Loan Agreement

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
T2 Biosystems announces successful amendment and extension to its Term Loan Agreement with CRG Servicing LLC
Positive
  • Amendment extends interest-only period and maturity date by one year
  • Minimum cash covenant permanently reduced from $5,000,000 to $500,000
Negative
  • No other material amendments made to the Term Loan Agreement

LEXINGTON, Mass., Oct. 23, 2023 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistant genes, today announced the successful amendment and extension to its Term Loan Agreement with CRG Servicing LLC (“CRG”).

The amendment extends both the interest-only period and the maturity date by one year from December 31, 2024 to December 31, 2025, and permanently reduces the minimum cash covenant from $5,000,000 to $500,000. No other material amendments were made to the Term Loan Agreement.

“We continue to be excited by T2 Biosystems’ direct-from-blood diagnostic technology and its ability to rapidly detect sepsis-causing pathogens and antibiotic resistance genes,” said Luke Düster, partner at CRG. “We are pleased to extend our partnership and we are encouraged by the Company’s progress, including the FDA 510(k) clearance for the T2Biothreat Panel and FDA Breakthrough Device designations for the T2Lyme Panel and Candida auris test.”

“The amendment and extension of our term loan agreement with CRG is important, as it provides balance sheet flexibility as we advance our growth strategy,” said John Sperzel, Chairman and CEO at T2 Biosystems. “We value our partnership with CRG and we appreciate the continued support of our business strategy.”

About T2 Biosystems
T2 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, the T2Biothreat™ 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 expanded T2Bacteria Panel to add Acinetobacter baumannii, the Candida auris test, and the 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 Statements
This 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 the Company’s balance sheet flexibility, status of the Company’s growth strategy, and the continued support of CRG our revenue results and cash balance, financial outlook, instrument contracts, timing of filing of an FDA submission, impact of operating expense reductions, anticipated strategic priorities, product demand, commitments or opportunities, and growth expectations or targets, 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 Group
ir@T2Biosystems.com
415-937-5406


T2 Biosystems announced the successful amendment and extension to its Term Loan Agreement with CRG Servicing LLC.

The amendment extends both the interest-only period and the maturity date by one year, and permanently reduces the minimum cash covenant.

The new maturity date is December 31, 2025.

The minimum cash covenant has been permanently reduced from $5,000,000 to $500,000.

No, there were no other material amendments made to the Term Loan Agreement.

The agreement provides balance sheet flexibility as T2 Biosystems advances its growth strategy.

CRG Servicing LLC is the partner of T2 Biosystems in the Term Loan Agreement.

T2 Biosystems is a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistant genes.

T2 Biosystems has received FDA 510(k) clearance for the T2Biothreat Panel and FDA Breakthrough Device designations for the T2Lyme Panel and Candida auris test.
T2 Biosystems Inc

NASDAQ:TTOO

TTOO Rankings

TTOO Latest News

TTOO Stock Data

Small Arms, Ordnance, and Ordnance Accessories Manufacturing
Manufacturing
Link
Health Technology, Biotechnology, Manufacturing, Small Arms, Ordnance, and Ordnance Accessories Manufacturing
US
Lexington

About TTOO

t2 biosystems is developing innovative diagnostic products to improve patient health. with two fda-cleared products targeting sepsis – the cause of one out of two hospital deaths - and a range of additional products in development, t2 biosystems is an emerging leader in the field of in vitro diagnostics. our initial development efforts target sepsis, hemostasis, bacteria and lyme disease, which are areas of significant unmet medical need. the company is utilizing its proprietary t2 magnetic resonance platform, or t2mr®, to develop a broad set of applications aimed at lowering mortality rates, improving patient outcomes and reducing the cost of healthcare by helping medical professionals make targeted treatment decisions earlier. at t2 biosystems, we know that our passion to advance the medical diagnostic landscape relies on our ability to attract and retain the very best people in the world – and to encourage them to flourish. we invite you to apply for one of our open positions at www