T2 Biosystems Reports Granting of Inducement Awards
August 14 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 August
1, 2019 it issued inducement awards to five 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 consist of
options to purchase 53,000 shares of T2 Biosystems common stock and
have a ten-year term. The exercise price of the options is $0.58,
which was the per-share closing price of T2 Biosystems common stock
on the Nasdaq Capital Market on August 1, 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.com610-455-2763
Investor Contact: Zack Kubow, W2O Group
zkubow@w2ogroup.com 415-658-6436
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