T2 Biosystems Announces Amendment and Extension of CRG Term Loan Agreement
November 10 2022 - 4:04PM
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 30, 2023 to
December 30, 2024. 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 financial support and we are encouraged by the
Company’s progress, including the record third quarter sepsis
revenue and pipeline developments, including Lyme disease.”
“The 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 BiosystemsT2
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. For more information, please
visit www.t2biosystems.com.
Forward-Looking StatementsThis
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 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, 2021, filed with the U.S. Securities and
Exchange Commission, or SEC, on March 23, 2022, 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
Groupir@T2Biosystems.com 415-937-5406
T2 Biosystems (NASDAQ:TTOO)
Historical Stock Chart
From Aug 2024 to Sep 2024
T2 Biosystems (NASDAQ:TTOO)
Historical Stock Chart
From Sep 2023 to Sep 2024