T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced it has initiated a process to explore a range of strategic alternatives focused on maximizing value. To support the strategic process, the Company has initiated a restructuring plan which includes a reduction in force.
The Company has engaged an advisory firm to explore all potential strategic alternatives to maximize value, including an acquisition, merger, reverse merger, other business combination, sale of assets, licensing, and other strategic transactions. No updates on the process are expected to be provided during the evaluation period unless and until the Board of Directors has concluded that disclosure is appropriate or required.
A strategic restructuring program is being implemented to preserve capital and better position the Company to explore all strategic alternatives, while continuing to support its customers, pursue new commercial opportunities and advance pipeline development. The restructuring program is designed to reduce annual operating costs and includes, among other things, an incremental reduction of nearly 30% of the Company’s workforce completed this past week.
https://finance.yahoo.com/news/t2-biosystems-announces-exploration-strategic-120100039.html
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