TTOO - T2 Biosystems Announces the Conversion of an Additional $15 Million of CRG Term Loan into Equity | Benzinga
Filed Pursuant to Rule 433
Issuer Free Writing Prospectus dated May 6, 2024
Relating to Preliminary Prospectus dated May 6, 2024
Registration No. 333-278866
LEXINGTON, Mass., May 06, 2024 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced the conversion of an additional $15 million of its term loan with entities affiliated with CRG Servicing LLC ("CRG") into T2 Biosystems equity. Following this conversion, the company has reduced its total debt and quarterly interest payments by approximately 80% percent over the past year.
This conversion follows cancellation of $15 million of the CRG Term Loan Agreement in exchange for 3,280,618 shares of common stock and 17,160.48 shares of Series A Convertible Preferred Stock on April 12, 2024.
"Through the conversion of debt to equity, we have improved our balance sheet materially over the past 12 months," stated John Sperzel, Chairman and CEO at T2 Biosystems. "Strengthening the financial position of the Company provides flexibility to advance our commercial and development priorities across three distinct, large, and underserved market opportunities."
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 ever before. T2 Biosystems' products include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2Biothreat™ Panel, and are powered by the proprietary T2 Magnetic Resonance (T2MR®) ...