T2 Biosystems Reports Granting of Inducement Awards
December 13 2019 - 4:15PM
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
December 4, 2019 it issued inducement awards to two 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
non-qualified stock options to purchase 8,500 shares of T2
Biosystems common stock and have a ten-year term. The exercise
price of the options is $1.22, which was the per-share closing
price of T2 Biosystems common stock on the Nasdaq Capital Market on
December 4, 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, which was recently
announced as the first and only in-vitro diagnostic test to receive
approval for a New Technology Add-on Payment (NTAP) by CMS, 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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