T2 Biosystems falls after raising going concern doubt

T2 Biosystems

23/05/2023 16:51

** Shares of in-vitro diagnostics co T2 Biosystems Inc
 TTOO.O  fall 32.2% to record low of 19 cents
    ** Late on Monday, co in a filing said it has concluded that
substantial doubt exists about its ability to continue as a
going concern for a period of at least 12 months
    ** Co believes its cash, cash equivalents, and restricted
cash of $10.7 million at March 31, 2023 will not be sufficient
to fund its current operating plan through Q2 2023
    ** Co initiates process to explore strategic alternatives,
says reduction of nearly 30% of co's workforce completed last
week
    ** Says failure to secure strategic options prior to Q3 2023
will significantly impair co's ability to continue operating
its business; may be forced to cease operations, commence
bankruptcy cases, or otherwise wind down business
    ** Stock down ~85% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))