NEW YORK (GenomeWeb) – T2 Biosystems has amended its July, 11 2014 loan agreement with Solar Capital and Comerica Bank, according to a document filed with the US Securities and Exchange Commission.
According to a Form 8-K filed May 29, the lenders have extended the deadline under which T2 Biosystems can draw on the second tranche of the loan agreement to Dec. 31, 2015 from June 30, 2015. The amendment also requires the firm to pay a fee of 1 percent annually on any undrawn amounts under tranche B for the period between July 1, 2015 and Dec. 31, 2015, payable to the lenders on Dec. 31, 2015.
Under the original terms of the loan agreement, T2 Biosystems could draw up to $30 million in two tranches, with up to $20 million in tranche A, and up to $10.0 million in tranche B, available upon the fulfillment of certain conditions but drawn no later than June 30, 2015.
T2 Biosystems had previously drawn an initial amount of $10 million under tranche A on July 11, 2014 in connection with entering into the loan agreement and $10 million under tranche A on Dec. 29, 2014.
In August 2014 T2 Biosystems went public with a $57.2 million stock offering.