T2 Biosystems Inc. (NASDAQ:TTOO), a leading innovator in the fight against sepsis, is taking a bold move to maximize value through a strategic alternatives process. To support this process, the Company has also implemented a restructuring plan that includes a reduction in force. With cutting-edge technology to rapidly detect sepsis-causing pathogens and antibiotic resistance genes, T2 Biosystems strives to make an impact in the healthcare industry and defeat sepsis.
The Company is actively exploring ways to increase value for its shareholders – including potential mergers, acquisitions, asset sales, and other strategic transactions. An advisory firm has been engaged to evaluate all possibilities and help the Board of Directors make a decision that is best for the company. While progress is being made, updates will be reserved until the Board determines suitable timing or is obligated to disclose.
The Company recently implemented a strategic restructuring program designed to reduce annual operating costs through the reduction of nearly 30% of its workforce. As well as preserving capital and better positioning the Company to explore all strategic alternatives, the restructuring program will continue to support its customers, pursue new commercial opportunities and advance pipeline development.
About T2 Biosystems
T2 Biosystems is revolutionizing patient care by providing clinicians with powerful tools for rapid detection of sepsis-causing pathogens and antibiotic resistance genes. Their products, including the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2SARS-CoV-2™ Panel, are enabled by their game-changing T2 Magnetic Resonance (T2MR®) technology.
T2 Biosystems remains at the forefront of innovation, with a growing pipeline of products, from the T2Biothreat™ Panel to the T2Cauris™ Panel and T2Lyme™ Panel, plus next-generation tools for bacterial and fungal pathogen and antibiotic resistance detection. Thanks to T2 Biosystems, the days of inefficient, costly patient care are numbered.
The company is utilizing all resources at its disposal in order to enact a strategic restructuring program to hit ambitious goals. While this program carries a certain level of risk, the potential for major success is at hand. The potential risks identified include, but are not limited to, an inability to realize anticipated benefits, bring products to market, or obtain customer testimonials. Moreover, early data may not accurately predict eventual outcomes, and FDA filings and clearances may not materialize within expected timeframes, or at all.
As such, it is important for investors to consider the factors discussed in the company’s annual report, quarterly reports, and other SEC filings. We are confident that with actionable strategic and calculated steps, we can make 2020 a major success for our company.