UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On October 4, 2021, T2 Biosystems, Inc., a Delaware corporation (the “Company”), announced the exercise of Option Two A, under its existing cost sharing contract with the Biomedical Advanced Research and Development Authority of the United States Department of Health and Human Services (the “BARDA Contract”). Option Two A, worth a total of approximately $6.4 million, is to continue verification testing and to initiate validation testing of the T2Biothreat Test Panel; to produce a functioning beta version of the T2Nxt Instrument; to complete initial optimization studies and demonstrate required sensitivity of the T2Nxt Instrument; and to initiate verification and clinical validation of the T2Resistance Test Panel.
The option exercise occurred simultaneously on September 30, 2021 with a modification to the BARDA Contract (the “Modification”) to make immaterial changes to, among other things, the statement of work. The Modification does not change the overall total potential value of the BARDA Contract.
The foregoing summary is qualified in its entirety by reference to the Modification, a copy of which will be attached as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ending September 30, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 4, 2021 | T2 BIOSYSTEMS, INC. | |||||
| By: | /s/ John Sprague | |||||
| John Sprague | ||||||
| Chief Financial Officer | ||||||