T2 Biosystems Announces Amendment and Extension of CRG Term Loan Agreement
23 Octubre 2023 - 8:00AM
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 31, 2024 to
December 31, 2025, and permanently reduces the minimum cash
covenant from $5,000,000 to $500,000. 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 we are encouraged by the Company’s progress,
including the FDA 510(k) clearance for the T2Biothreat Panel and
FDA Breakthrough Device designations for the T2Lyme Panel and
Candida auris test.”
“The amendment and 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, the
T2Biothreat™ 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
expanded T2Bacteria Panel to add Acinetobacter baumannii, the
Candida auris test, and the 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 the
Company’s balance sheet flexibility, status of the Company’s growth
strategy, and the continued support of CRG 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, 2022, filed
with the U.S. Securities and Exchange Commission, or SEC, on March
31, 2023, 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
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