T2 Biosystems, Inc. Announces $50 Million Credit Facility
January 05, 2017 at 06:30 am
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T2 Biosystems, Inc. announced that it has entered into a $50 million debt facility agreement with CRG LP. The new facility consists of an initial draw of $40 million and the ability to borrow an additional $10 million through and including July 27, 2018, based on certain operating milestones. The company is using approximately $28 million of the initial term loan proceeds to retire existing debt facilities and promissory notes and, subject to payment of expenses related to the transaction, intends to retain the remainder of the initial term loan proceeds, plus any additional amounts borrowed, for general corporate purposes, working capital and the company’s strategic priorities. The new credit facility includes terms that greatly diminish cash debt service in the coming periods while the company solidifies its foundation of installed T2 Magnetic Resonance (T2MR®) base technology and works toward delivering the T2BacteriaTM Panel to the market, which is anticipated to occur later this year. WBB Securities LLC acted as financial advisor on the transaction.
T2 Biosystems, Inc. is an in vitro diagnostics company focused on the detection of sepsis-causing pathogens and antibiotic resistance genes. Its technology enables detection of pathogens, biomarkers and other abnormalities in a variety of unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum and urine, and can detect cellular targets at limits of detection as low as one colony forming unit per milliliter (CFU/mL). Its focus includes three areas: sepsis, bioterrorism, and Lyme disease. The Company's products include the T2Dx Instrument, the T2Bacteria Panel, the T2Candida Panel, the T2Resistance Panel, and the T2Biothreat Panel, and are powered by the T2 Magnetic Resonance (T2MR) technology. It also has an active pipeline of products, including the United States T2Resistance Panel, the Candida auris test, and the T2Lyme Panel. T2Dx Instrument is a fully automated instrument that is capable of running a range of diagnostic tests from patient samples.
T2 BIOSYSTEMS, INC. 
