LEXINGTON, Mass., Jan. 17, 2020 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), an emerging leader in the development and commercialization of innovative medical diagnostic products for critical unmet needs in healthcare, announced today that it issued an inducement award to John Sperzel, the Company’s recently appointed Chief Executive Officer and President, in accordance with the terms of Mr. Sperzel’s employment agreement.
The award was made on January 8, 2020 under T2 Biosystems’ Inducement Award Plan (the "Inducement Plan"), which was adopted March 1, 2018 and amended and restated on January 8, 2020 and provides for the granting of equity awards to new employees of T2 Biosystems. The inducement award consists of an option to purchase 3,000,000 shares of T2 Biosystems common stock and has a ten-year term. The exercise price of the option was $1.15, which was the per-share closing price of T2 Biosystems common stock on the Nasdaq Capital Market on January 8, 2020. The option vests in equal monthly installments over the four-year period following the grant date. 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, T2Bacteria® Panel, and the T2Resistance 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.
Gina Kent, Vault Communications
Zack Kubow, W2O Group
Source: T2 Biosystems, Inc.