T2 Biosystems Reports Granting of Inducement Award - June 26, 2020
LEXINGTON, Mass., June 26, 2020 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO) a leader in the rapid detection of sepsis-causing pathogens, announced today that it issued inducement awards to four new employees.
The awards were made on May 5, 2020 and June 2, 2020 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 award granted on May 5, 2020 consists of an option to purchase 3,000 shares of T2 Biosystems common stock and has a ten-year term. The exercise price of the option was $0.596 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on May 5, 2020. The inducement awards granted on June 2, 2020 consist of options to purchase 9,500 shares of T2 Biosystems common stock and have a ten-year term. The exercise price of the options were $1.07 which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on June 2, 2020. The options vest 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 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, 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 the T2Cauris™ Panel, T2SARS-CoV-2™ Panel, and T2Lyme™ Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, as well as biothreat pathogens.
Gina Kent, Vault Communications
Philip Trip Taylor, Gilmartin Group