The share price of T2 Biosystems Inc. (TTOO), a leader in the rapid detection of sepsis-causing pathogens, was up 3.88% in pre-market trading at $1.07. Last session, TTOO closed at $1.03, losing -0.96% or $0.01. The price of each TTOO share fluctuated from $1.00 to $1.04 during the past session. A total of 3.2 million shares of TTOO stock were traded on the day, less than the company’s average daily volume of 4.66 million over the previous 50 days and a fraction of share volume of 8.17 million for the year to date.

TTOO’s stock has suffered a decline of 39.59% in the past 12 months, and it has fallen -4.63% in the last week. TTOO stock has declined by -43.09% over the last six months, and by -12.71% over the last three months. Since the start of this year, the stock has lost -16.94%.  Following granting of the inducement award, TTOO stock is rising.

Who is TTOO granting the award to?

Using T2 Biosystems’ products, clinicians are able to effectively treat their patients faster than ever before, improving patient care and reducing costs. The T2Dx Instrument, T2Candida Panel, T2Bacteria Panel, T2Resistance Panel, and T2SARS-CoV-2 Panel available from TTOO are all powered by the T2MR (T2 Magnetic Resonance) technology. TTOO is developing future products such as the T2Cauris Panel, the T2Lyme Panel, and additional products to detect infectious pathogens that share antimicrobial resistance genes and biothreat pathogens.

Eleven new employees received inducement awards from T2 Biosystems yesterday.

• TTOO made the awards under its Inducement Award Plan on July 8, 2021.
• On March 1, 2018, the program was adopted by TTOO, amended and restated on January 8, 2020.
• Through TTOO’s Equity Incentive Program, new employees of the company are awarded equity awards.
• As part of the inducement awards, employees received options to buy 321,000 shares of TTOO common stock, which were granted for a ten-year period.
• On July 8, 2021, TTOO Biosystems common stock closed at $1.06 per share on the Nasdaq Capital Market, which was the exercise price of the options.
• Over the next four years, employees’ options vest 25% on the first anniversary of their hire date, and the remainder vesting after that in equal monthly installments.

How was the award granted?

An independent compensation committee of the board of directors of TTOO approved the award. According to Nasdaq Marketplace Rules, the award was granted as an inducement material to entice the new employee to become employed by T2 Biosystems (TTOO).