T2 Biosystems Reports Granting of Inducement Awards
April 08 2019 - 4:30PM
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the development and
commercialization of innovative medical diagnostic products for
critical unmet needs in healthcare, announced today that on March
15, 2019 it issued inducement awards to seven new employees and on
April 3, 2019 it issued inducement awards to four new
employees.
These awards were made under T2 Biosystems’ Inducement Award
Plan (the "Inducement Plan"), which was adopted by the company’s
Board of Directors on March 1, 2018 and amended and restated on
February 21, 2019 and provides for the granting of equity awards to
new employees of T2 Biosystems. The inducement awards granted on
March 15, 2019 consist of options to purchase 142,000 shares of T2
Biosystems common stock, have a ten year terms and the exercise
price of the options is $2.68, which was the per-share closing
price of T2 Biosystems common stock on the Nasdaq Capital Market on
March 15, 2019. The inducement awards granted on April 3, 2019
consist of options to purchase 118,000 shares of T2 Biosystems
common stock, have a ten-year term and the exercise price of the
options is $2.65, which was the per-share closing price of T2
Biosystems common stock on the Nasdaq Capital Market on April 3,
2019. The options vest over a four-year period, with 25% vesting on
the first anniversary of the employee’s date of hire and the
remainder vesting in equal monthly installments over the three
years thereafter. 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 development and commercialization of innovative medical
diagnostic products for critical unmet needs in healthcare, 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, and T2Bacteria® Panel and are powered by the
proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems
has an active pipeline of future products, including products for
the detection of additional species and antibiotic resistance
markers of sepsis pathogens, and tests for Lyme
disease.
Media Contact: Gina Kent, Vault
Communicationsgkent@vaultcommunications.com 610-455-2763
Investor Contact: Zack Kubow, W2O
Groupzkubow@w2ogroup.com 415-658-6436
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