Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On November 1, 2022, Alec Barclay notified T2 Biosystems, Inc. (the "Company")
of his resignation as Chief Operations Officer of the Company, effective as of
November 30, 2022.
Item 7.01 Regulation FD Disclosure.
On November 7, 2022, the Company issued a press release announcing the U.S.
Department of Health and Human Services ("HHS") and the Steven & Alexandra Cohen
Foundation ("Cohen Foundation") have selected T2 Biosystems as a Phase 1 winner
in the LymeX Diagnostics Prize, a LymeX Innovation Accelerator ("LymeX") prize
competition to accelerate the development of Lyme disease diagnostics. As a
Phase 1 winner, the Company will receive $100,000 and an invitation to
participate in a second phase. A copy of the press release is attached hereto as
Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this
Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K is being furnished
and shall not be deemed to be "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section.
Item 8.01 Other Events
On October 20, 2022, the Company issued a press release announcing that it has
initiated studies to expand the number of pathogens detected on the FDA-cleared
T2Bacteria® Panel to include the detection of Acinetobacter baumannii.
A. baumannii is a cause of bloodstream infections especially in critically ill
patients, which can range from a benign transient bacteremia to fulminant septic
shock. A. baumannii infections typically occur in people in healthcare settings
and pose risk to those who are on ventilators; have devices such as catheters;
have open wounds from surgery; are in intensive care units; or have prolonged
hospital stays. In a large study of nosocomial bloodstream infections, A.
baumannii was the tenth most common pathogen and has a crude ICU mortality rate
of 34.0% to 43.4%.
On October 26, 2022, the private investor in the Company's Series A redeemable
convertible preferred stock redeemed all 3,000 shares of the Series A redeemable
convertible preferred stock for an aggregate amount of $0.3 million.
--------------------------------------------------------------------------------
On November 1, 2022, the Company issued a press release announcing that it
received written notice from the NASDAQ Stock Market LLC (NASDAQ) on October 31,
2022 informing the Company that it has regained compliance with the minimum bid
price requirement under NASDAQ Listing Rule 5550(a)(2) for continued listing on
the NASDAQ Capital Market.
As previously reported, the Company was notified by NASDAQ on November 5, 2021
that it was not in compliance with the minimum bid price rule because its common
stock failed to meet the closing bid price of $1.00 for a period of 30
consecutive business days. To regain compliance with the Rule, the Company was
required to maintain a minimum closing bid price of $1.00 or more for at least
10 consecutive trading days. This requirement was met on October 26, 2022, the
tenth consecutive trading day when the closing bid price of the Company's common
stock was greater than $1.00, and the matter is now closed.
On November 7, 2022, the Company issued a press release announcing announcing
HHS and the Cohen Foundation have selected T2 Biosystems as a Phase 1 winner in
the LymeX Diagnostics Prize, a LymeX prize competition to accelerate the
development of Lyme disease diagnostics. As a Phase 1 winner, T2 Biosystems will
receive $100,000 and an invitation to participate in a second phase.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
No. Description
99.1 Press Release issued November 7, 2022
104 Cover Page Interactive Data File (embedded within the inline XBRL document)
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
T2 BIOSYSTEMS, INC. 
