Welcome to our dedicated page for T2 Biosystems news (Ticker: TTOO), a resource for investors and traders seeking the latest updates and insights on T2 Biosystems stock.
T2 Biosystems, Inc. (Symbol: TTOO) is a pioneering company in the field of in vitro diagnostics, dedicated to improving patient health through advanced diagnostic products. The company’s core focus is on developing rapid diagnostic tools aimed at detecting sepsis-causing pathogens and antibiotic resistance genes. Sepsis, a condition that accounts for one out of two hospital deaths, is a primary target for T2 Biosystems.
Utilizing its proprietary T2 Magnetic Resonance platform, or T2MR®, the company has launched FDA-cleared products such as the T2Dx Instrument, T2Bacteria Panel, and T2Candida Panel. These products enable faster, more accurate detection of pathogens, allowing clinicians to make informed treatment decisions earlier. T2 Biosystems is also working on an array of other diagnostic solutions targeting hemostasis, bacteria, and Lyme disease. Notably, the T2Lyme Panel is slated for commercial launch in the third quarter of 2024.
Recent achievements highlight the company’s growth and stability. T2 Biosystems has recently achieved double-digit growth in sepsis product revenue and significantly reduced its total debt by approximately 80% over the past year. The company is a leader in the rapid detection of sepsis-causing pathogens, powered by its proprietary T2 Magnetic Resonance technology. These advancements not only promise to lower mortality rates but also aim to enhance patient outcomes and reduce healthcare costs.
T2 Biosystems is committed to fostering an innovative and inclusive work environment. The company actively seeks to attract and retain top talent, encouraging a culture of growth and excellence. For those interested in joining the mission to transform medical diagnostics, open positions can be found on their website.
T2 Biosystems (NASDAQ:TTOO) announced the initiation of studies to expand its FDA-cleared T2Bacteria® Panel to include the detection of Acinetobacter baumannii, a pathogen linked to severe bloodstream infections in critically ill patients.
Acinetobacter infections are prevalent in healthcare settings and are resistant to many antibiotics. The T2Bacteria Panel, able to provide rapid pathogen detection in whole blood within 3 to 5 hours, is currently FDA-cleared to identify other sepsis-causing pathogens. This expansion aims to enhance patient care and improve treatment outcomes for those at risk.
T2 Biosystems (NASDAQ:TTOO) announced three peer-reviewed studies showcasing the effectiveness of its T2Bacteria and T2Candida panels for diagnosing bloodstream infections. Conducted in Europe, these studies demonstrated faster and more accurate detection compared to traditional blood cultures. Results showed significant benefits, including up to 61.3 hours faster targeted therapy in pediatric cases and a nearly 52-hour improvement in therapy time during COVID-19 superinfections. The company plans to explore regulatory submissions for expanding product claims.
T2 Biosystems announced plans to develop and market a diagnostic test for early Lyme disease, aiming for commercialization in the U.S. as a Laboratory Developed Test in 2023. This initiative follows the receipt of a patent and FDA Breakthrough Device Designation for the T2Lyme Panel. The test aims to aid in the rapid diagnosis of Lyme disease, addressing the limitations of current antibody testing methods that can lead to delayed treatments. The company highlights a significant market opportunity, as approximately 476,000 Americans are diagnosed with Lyme disease each year.
T2 Biosystems (NASDAQ:TTOO) announced preliminary unaudited financial results for Q3 2022, reporting total revenues of approximately $3.7 million, a 50% decrease year-over-year, driven by lower COVID-19 test sales. However, non-COVID product revenue reached a record $2.3 million, up 24%. The company executed contracts for 11 T2Dx Instruments and received FDA Breakthrough Device Designation for the T2Lyme Panel. T2 now expects 2022 revenue of $22.0 to $23.0 million, indicating moderated growth and a projected 50 to 55 T2Dx contracts for the year.
T2 Biosystems (NASDAQ:TTOO) announces a reverse stock split at a ratio of 1-for-50, effective October 12, 2022. This decision was approved by approximately 70% of its stockholders during the annual meeting on October 11, 2022. The split aims to meet the minimum bid price requirement for maintaining its Nasdaq listing. Trading on a split-adjusted basis is set to commence on October 13, 2022, under the existing symbol TTOO. No fractional shares will be issued; instead, stockholders will receive cash payments for any fractions. The company continues to focus on rapid detection of sepsis-causing pathogens.
T2 Biosystems (NASDAQ:TTOO) has signed an exclusive distribution agreement for its T2Dx® Instruments and panels in the Baltic Region, covering Lithuania, Latvia, and Estonia. This deal aims to enhance rapid detection of sepsis-causing pathogens, important due to the region's higher sepsis incidence compared to Western Europe. CEO John Sperzel emphasized the commitment to expanding globally, seeing growth potential in these markets. T2 Biosystems is focused on improving patient care and reducing treatment costs through its advanced diagnostics.
T2 Biosystems (NASDAQ:TTOO) announced its participation in the H.C. Wainwright Global Investment Conference scheduled for September 13, 2022, at 3:00 PM ET. The company specializes in rapid detection of sepsis-causing pathogens and antibiotic resistance. Attendees can access a live and recorded webcast of the presentation from the company’s website. T2 Biosystems aims to enhance patient care with products powered by its proprietary T2 Magnetic Resonance technology, including the T2Dx® Instrument and various diagnostic panels for pathogens and antimicrobial resistance.
T2 Biosystems, a leader in rapid detection of sepsis pathogens and antibiotic resistance genes, will present at the Inaugural Gilmartin Group Emerging Growth Company Showcase on August 31, 2022, at 11:30am ET. Interested parties can access a live webcast through the provided link. Post-event, an archived version will be available on the company's website. T2 Biosystems' innovative products include the T2Dx Instrument and various detection panels powered by proprietary T2 Magnetic Resonance technology, aiming to enhance patient care and reduce treatment costs.
T2 Biosystems, Inc. (TTOO) reported second-quarter 2022 revenue of $5.9 million, a 12% decline year-over-year. Product revenue fell by 30% to $2.6 million, mainly due to reduced T2SARS-CoV-2 sales. However, T2Dx Instrument contracts surged by 300%, with 12 contracts executed during the quarter. The company raised $27.4 million through an ATM facility, strengthening its balance sheet. Notably, the T2Lyme Panel received Breakthrough Device Designation from the FDA. Despite the revenue drop, T2 Biosystems maintains a 2022 revenue outlook of $28.0 to $31.0 million.
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