Exciting News: T2 Biosystems, Inc. (NASDAQ:TTOO), a cutting-edge company known for its lightning-fast detection of sepsis-causing pathogens and antibiotic resistance genes, has just made a groundbreaking announcement. Today, they revealed that they have successfully converted a whopping 20% of their term loan with CRG Servicing LLC into T2 Biosystems’ common stock and Series B convertible preferred stock.
But that’s not all – this jaw-dropping conversion also means that T2 Biosystems’ outstanding principal amount of the term loan has been reduced by a staggering $10 million! In exchange for this incredible reduction, entities affiliated with CRG have received an impressive 48,345,798 shares of T2 Biosystems’ common stock and Series B Convertible Preferred Stock. And get this – these preferred stock shares can be converted into a mind-boggling 93,297,259 shares of common stock. Wow!
Hold on, it gets even better. The Series B Preferred shares will soon be eligible for conversion into common stock. But let’s not forget about the term loan – its interest-only period end and maturity date on December 30, 2024, remain unchanged. This news has truly shaken up the industry, and as a result
“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 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, 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.
T2 Biosystems, Inc. (NASDAQ:TTOO), a trailblazer in the lightning-fast detection of sepsis-causing pathogens and resistance genes, made a groundbreaking announcement today. They have taken a bold step by converting a significant portion of their term loan into T2 Biosystems common stock and Series B convertible preferred stock, resulting in an exciting shift in their financial strategy.
This exhilarating news release is packed with forward-looking statements that capture the imagination and envision a future full of possibilities. T2 Biosystems invites readers to join them on an extraordinary journey as they explore the potential benefits of their innovative, culture-independent diagnostics. From the rapid identification of bacterial pathogens in septic patients to the demonstration of the remarkable value of the T2Bacteria Panel, this press release paints a vibrant picture of the groundbreaking advancements that lie ahead.
Brimming with optimism, this statement showcases the visionary leadership of T2 Biosystems, embodying their thrilling aspirations for a brighter tomorrow. By using captivating language that ignites curiosity, it invites readers into a world where expectations are surpassed, products revolutionize the market, and patient outcomes are transformed.
While acknowledging the risks and challenges that accompany such ambitious goals, T2 Biosystems exudes confidence in their ability to overcome obstacles and emerge