T2 Biosystems Reports Granting of Inducement Awards
LEXINGTON, Mass., Dec. 13, 2019 (GLOBE NEWSWIRE) -- 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.
Gina Kent, Vault Communications
Zack Kubow, W2O Group