T2 Biosystems Announces Amendment and Extension of CRG Term Loan Agreement
LEXINGTON, Mass., Feb. 15 12, 2022 (GLOBE NEWSWIRE) — T2 Biosystems, Inc. (NASDAQ: TTOO), a leader in the rapid detection of pathogens that cause sepsis, today announced the successful modification and expansion of its loan Term Agreement with CRG Servicing LLC (“CRG”).
The amendment extends both the interest-only period and the maturity date by one year, from December 31, 2022 to December 31, 2023. No other material changes were made to the term loan agreement .
“We continue to be excited about the potential of T2 Biosystems’ direct blood diagnostics technology for the rapid detection of sepsis-causing pathogens and antibiotic resistance genes,” said Luke Düster. , associated with the CRG. “We are excited to extend our partnership and financial support and are encouraged by the company’s progress, including business growth and pipeline advancement.”
“The extension of our term loan agreement with CRG is important as it provides balance sheet flexibility and allows us to advance our growth strategy,” said John Sperzel, President and CEO of T2 Biosystems. “We value our partnership with CRG and appreciate the continued support of our business strategy.”
About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of pathogens that cause sepsis, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than never. T2 Biosystems products include T2Dx® Instrument, T2 Candida® Panel, T2Bacteria® Panel, resistance T2® Panel and T2SARS-CoV-2™ Panel and are powered by the company’s proprietary T2 Magnetic Resonance (T2MR®) Technology. T2 Biosystems has an active pipeline of future products including the T2Cauris™ panel, the T2Lyme™ panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, and threat pathogens biological.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that do not relate to historical facts should be considered forward-looking statements, including, without limitation, statements regarding T2 Biosystems’ ability to advance its growth strategy, as well as statements that include the words “expect”, “intend”, “plan”, ” believe”, “project”, “forecast”, “estimate”, “may”, “should”, “anticipate” and other similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are not promises or 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 future results, performance or achievements. expressed or implied by the forward-looking statements. , including, but not limited to, (i) any failure to (a) realize the anticipated benefits of the engagements, contracts or products; (b) successfully execute strategic priorities; (c) placing the products on the market; (d) expand use or adoption of the Product; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) achieve 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 make or obtain advance FDA filings or clearances on time or at all; or (iv) the factors discussed in 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the United States Securities and Exchange Commission, or SEC, on March 31, 2021, and others Company filings with the SEC from time to time. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements represent management’s estimates as of the date of this press release. Although the Company may elect to update these forward-looking statements at some time in the future, except as required by law, it disclaims any obligation to do so, even if subsequent events change its views. Accordingly, no one should assume that the Company’s silence over time means that actual events are materializing, as expressed or implied by such forward-looking statements. These forward-looking statements should not be taken to represent the views of the Company as of any date subsequent to the date of this press release.
Meagan Dominick, Vault Communications
Philip Trip Taylor, Gilmartin Group