On February 15, 2024, T2 Biosystems, Inc. entered into a Securities Purchase Agreement with a group of lenders for a private placement offering. The agreement involves the issuance of common stock and potentially convertible preferred stock in exchange for the cancellation of $15.0 million of outstanding borrowing under a 2016 Term Loan Agreement. The transaction is contingent on approval from the company's stockholders at an upcoming meeting. Additionally, T2 Biosystems announced preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2023. The company reported full year revenue of $7.2 million and fourth quarter revenue of $1.7 million, with record sales of the T2Bacteria Panel in the U.S. The company also highlighted several operational achievements, including the elimination of sepsis test backorder, FDA clearances, and...Show More

On February 15, 2024, T2 Biosystems, Inc. entered into a Securities Purchase Agreement with a group of lenders for a private placement offering. The agreement involves the issuance of common stock and potentially convertible preferred stock in exchange for the cancellation of $15.0 million of outstanding borrowing under a 2016 Term Loan Agreement. The transaction is contingent on approval from the company's stockholders at an upcoming meeting. Additionally, T2 Biosystems announced preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2023. The company reported full year revenue of $7.2 million and fourth quarter revenue of $1.7 million, with record sales of the T2Bacteria Panel in the U.S. The company also highlighted several operational achievements, including the elimination of sepsis test backorder, FDA clearances, and the advancement of new products towards FDA submission. Furthermore, T2 Biosystems presented a plan to regain compliance with Nasdaq's Market Value of Listed Securities requirement and amended its term loan agreement to extend the maturity date and reduce the minimum cash covenant. The company's cash and cash equivalents stood at $15.7 million as of the end of 2023.