TTOO - T2 Biosystems Announces Amendment and Extension of CRG Term Loan Agreement | Benzinga
LEXINGTON, Mass., Oct. 23, 2023 (GLOBE NEWSWIRE) -- 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 Biosystems
T2 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 ...