T2 Biosystems Reports Granting of Inducement Award
January 17 2020 - 4:15PM
T2 Biosystems, Inc. (NASDAQ:TTOO), an emerging leader in the
development and commercialization of innovative medical diagnostic
products for critical unmet needs in healthcare, announced today
that it issued an inducement award to John Sperzel, the Company’s
recently appointed Chief Executive Officer and President, in
accordance with the terms of Mr. Sperzel’s employment agreement.
The award was made on January 8, 2020 under T2 Biosystems’
Inducement Award Plan (the "Inducement Plan"), which was adopted
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 award consists of an option to purchase
3,000,000 shares of T2 Biosystems common stock and has a ten-year
term. The exercise price of the option was $1.15, which was the
per-share closing price of T2 Biosystems common stock on the Nasdaq
Capital Market on January 8, 2020. The option vests in equal
monthly installments over the four-year period following the grant
date. 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 development and commercialization of innovative medical
diagnostic products for critical unmet needs in healthcare, 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, T2Bacteria® Panel, and the T2Resistance Panel™
and are powered by the proprietary T2 Magnetic Resonance (T2MR®)
technology. T2 Biosystems has an active pipeline of future
products, including products for the detection of additional
species and antibiotic resistance markers of sepsis pathogens, and
tests for Lyme disease.
Media Contact: Gina Kent, Vault
Communicationsgkent@vaultcommunications.com610-455-2763
Investor Contact: Zack Kubow, W2O Group
zkubow@w2ogroup.com 415-658-6436
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