Exhibit 99.1
T2 Biosystems Receives Extension to Comply with Nasdaq Listing Requirements
LEXINGTON, Mass., July 31, 2023 (GLOBE NEWSWIRE) T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens
and antibiotic resistance genes, announced today that the Nasdaq Hearings Panel (the Panel) has granted the Companys request for an extension through November 20, 2023, to evidence compliance with Nasdaqs minimum bid
price and market value of listed securities (MVLS) requirements, as set forth in Nasdaq Listing Rules 5550(a)(2) and (b)(2) (the Rules).
To satisfy the Rules, the Company must evidence a closing bid price of at least $1.00 per share and an MVLS of at least $35 million for a minimum of
ten consecutive business days by November 20, 2023. If the Company is able to do so within the prescribed time period and satisfies all other applicable criteria for continued listing, the matter will be closed.
During the extension period, the Company will continue to actively monitor its stock price and MVLS while it considers all options available to it and to take
action, if necessary and as deemed appropriate by the Companys board, to remedy the deficiency, including potentially effecting a reverse stock split. There can be no assurance, however, that the Company will be able to timely comply with the
terms of the Panels decision.
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 T2SARS-CoV-2 Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including the T2Biothreat Panel, the Candida auris test,
and T2Lyme Panel, as well as next-generation products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers. For more information, please visit
www.t2biosystems.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in
this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about the Companys ability to regain compliance with the listing requirements of the
Nasdaq Capital Market, including its ability to effect a reverse share split, as well as statements that include the words expect, intend, plan, believe, project, forecast,
estimate, may, should, anticipate, and similar statements of a future or forward looking nature. These forward-looking statements are based on managements current expectations. These statements
are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) realize anticipated benefits from commitments, contracts or products; (b) successfully execute strategic
priorities; (c) bring products to market; (d) expand product usage or adoption; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) realize anticipated revenues; (h) incur expected levels of
operating expenses; or (i) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to