T2 Biosystems to Participate in the Canaccord Genuity MedTech, Diagnostics, and Digital Health & Services Forum
T2 Biosystems said that it will be participating in the upcoming Canaccord Genuity MedTech, Diagnostics, and Digital Health & Services Forum in New York City on November 16, 2023.
T2 Biosystems’ participation in the Canaccord Genuity forum is part of its ongoing efforts to engage with investors and the broader healthcare community about its mission to improve the diagnosis and treatment of sepsis. The company is currently developing a portfolio of rapid diagnostic tests for sepsis-causing pathogens and antibiotic resistance genes, including its T2Bacteria Panel, T2Candida Panel, and T2Lyme Panel.
T2 Biosystems Latest Developments
T2 Biosystems TTOO Removed From Nasdaq’s Non-Compliant List
- T2 Biosystems (TTOO) was removed from the Nasdaq Non-Compliant List on November 1st, 2023, after the company was able to maintain a closing price of at least $1 for at least 10 consecutive trading days. This is one of the requirements for Nasdaq-listed companies to remain in compliance with the exchange’s listing standards.
- T2 Biosystems recently conducted a reverse stock split in order to push the stock price above $1 and to have itself removed from the Nasdaq Non-Compliant List. Soon after the reverse stock split, TTOO started to trade above $17 but after T2 Biosystems declared its preliminary financials for the 3rd quarter of 2023, the stocks crashed and went below $10. The fear of TTOO falling below $1 once again was high but the buyers were able to maintain the stock above $1 for over 10 consecutive trading day. This has resulted in NASDAQ removing TTOO from its non-compliant list.
T2 Biosystems Gets Extension to its Term Loan Agreement with CRG Servicing LLC
- T2 Biosystems has successfully amended and extended its Term Loan Agreement with CRG Servicing LLC (“CRG”). This amendment extends both the interest-only period and the maturity date by one year, shifting from December 31, 2024, to December 31, 2025. It also results in a permanent reduction of the minimum cash covenant from $5,000,000 to $500,000. Notably, no other significant changes were made to the Term Loan Agreement.
- John Sperzel, Chairman and CEO of T2 Biosystems, emphasized the importance of this amendment, stating that it provides increased balance sheet flexibility as they pursue their growth strategy. He also expressed gratitude for the ongoing support from CRG in advancing their business objectives.
What is Canaccord Genuity MedTech, Diagnostics, and Digital Health & Services Forum?
The Canaccord Genuity MedTech, Diagnostics, and Digital Health & Services Forum is a leading investor event that brings together companies, investors, and analysts from across the healthcare sector. The forum provides a platform for companies to share their latest innovations and developments with the investment community.
T2 Biosystems‘ participation in the forum is a significant opportunity for the company to raise awareness of its mission and technology among investors. The company’s presentation is expected to focus on its clinical pipeline, commercialization plans, and financial outlook.
Investors who are interested in learning more about T2 Biosystems and its mission to improve the diagnosis and treatment of sepsis are encouraged to attend the company’s presentation at the Canaccord Genuity forum or to view the webcast on the company’s website.