T2 Biosystems Reports Granting of Inducement Award
March 26 2021 - 4:05PM
T2 Biosystems, Inc. (NASDAQ:TTOO) a leader in the rapid detection
of sepsis-causing pathogens, announced today that it issued
inducement awards to eighteen new employees.
The awards were made on March 25, 2021 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 awards consist of
options to purchase 413,000 shares of T2 Biosystems common stock
and have a ten-year term. The exercise price of the options was
$1.68 which was the per-share closing price of T2 Biosystems common
stock on the Nasdaq Capital Market on March 25, 2021. The options
vest over a four-year period, with 25% vesting on the first
anniversary of the employee’s date of hire and the remainder
vesting in equal monthly installments over the three years
thereafter. 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, 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 T2Cauris™ Panel, and T2Lyme™
Panel, as well as additional products for the detection of
bacterial and fungal pathogens and associated antimicrobial
resistance markers, and biothreat pathogens.
Media Contact:Gina Kent, Vault
Communicationsgkent@vaultcommunications.com 610-455-2763
Investor Contact:Philip Trip Taylor, Gilmartin
Groupphilip@gilmartinIR.com 415-937-5406
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