On May 3, 2024, T2 Biosystems, Inc., a leader in the rapid detection of sepsis-causing pathogens, entered into a Securities Purchase Agreement with CRG Partners III L.P. and related entities, issuing 4,748,335 shares of common stock in exchange for the cancellation of $15.0 million of outstanding loans. This transaction was part of a private placement offering under a Term Loan Agreement from December 30, 2016. Concurrently, the company received consent from lenders for the share issuance and an amendment to the 'Change of Control' definition in the Loan Agreement. On May 6, T2 Biosystems announced its Q1 2024 financial results, reporting a 25% increase in sepsis product revenue to $2.1 million, and a net loss of $13.5 million, or $2.66 per share. The company also highlighted operational and clinical updates, including contracts for...Show More

On May 3, 2024, T2 Biosystems, Inc., a leader in the rapid detection of sepsis-causing pathogens, entered into a Securities Purchase Agreement with CRG Partners III L.P. and related entities, issuing 4,748,335 shares of common stock in exchange for the cancellation of $15.0 million of outstanding loans. This transaction was part of a private placement offering under a Term Loan Agreement from December 30, 2016. Concurrently, the company received consent from lenders for the share issuance and an amendment to the 'Change of Control' definition in the Loan Agreement. On May 6, T2 Biosystems announced its Q1 2024 financial results, reporting a 25% increase in sepsis product revenue to $2.1 million, and a net loss of $13.5 million, or $2.66 per share. The company also highlighted operational and clinical updates, including contracts for 8 T2Dx Instruments, FDA clearance for an expanded T2Bacteria Panel, and progress on the T2Resistance Panel and T2Lyme Panel. The company's balance sheet was strengthened by converting $30.0 million of term loan debt into equity, reducing total debt and quarterly interest payments by approximately 80% from May 2023. T2 Biosystems reiterated its full-year 2024 revenue outlook, expecting $10.0 million to $11.0 million in sepsis product revenue, and shared updates on its product pipeline and clinical trials.