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) is exploring the development of a rapid molecular diagnostic test for monkeypox, following the World Health Organization's declaration of a global emergency due to the virus. This initiative aims to enhance diagnosis and expedite treatment amidst the ongoing outbreak. The CEO emphasized the company's capability in developing new tests, having already engaged with the FDA and CDC regarding commercialization. The CDC currently holds the only FDA-cleared test for monkeypox, and T2 aims to facilitate increased diagnostic testing availability.
T2 Biosystems, Inc. (NASDAQ: TTOO) announced the issuance of inducement awards to twelve new employees on July 25, 2022. The awards, under the company's Inducement Award Plan, include options to purchase 225,000 shares of common stock at an exercise price of $0.137, equivalent to the closing price on the award date. The options will vest over four years, with 25% vesting on the first anniversary and the remainder monthly thereafter. This initiative aims to enhance employee retention and attract talent while adhering to Nasdaq rules.
T2 Biosystems (NASDAQ:TTOO) will announce its second quarter 2022 financial results after market close on August 15, 2022. The announcement will be followed by a conference call at 4:30 p.m. ET, accessible via a live and archived webcast on the company's website. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens and antibiotic resistance, aiming to enhance patient care while minimizing treatment costs. Their product lineup includes the T2Dx Instrument and various detection panels, backed by their proprietary T2 Magnetic Resonance technology.
T2 Biosystems, a leader in rapid detection of sepsis-causing pathogens and antibiotic resistance genes, announced its participation in the Canaccord Genuity Annual Growth Conference in Boston on August 11, 2022, at 8:00am ET. The presentation will be accessible via a live and recorded webcast on the Company’s website. T2 Biosystems focuses on improving patient care with products like the T2Dx® Instrument and various detection panels, leveraging its proprietary T2 Magnetic Resonance technology. The company has a pipeline of future products aimed at detecting bacterial and fungal pathogens.
T2 Biosystems announces that its T2Lyme™ Panel has received FDA Breakthrough Device Designation. This designation aims to expedite the development of the T2Lyme Panel, which is a molecular diagnostic test for early detection of Lyme disease. The test can identify the bacteria responsible for Lyme disease directly from blood samples. Currently, there are no FDA-cleared tests for early detection, with existing methods often yielding false negatives. With approximately 476,000 cases of Lyme disease reported annually in the U.S., this test promises to improve patient outcomes significantly.
T2 Biosystems (NASDAQ:TTOO) announced preliminary financial results for Q2 2022, projecting revenue between $5.8M to $6.1M. This includes product revenue of approximately $2.5M to $2.7M and research revenue of $3.3M to $3.4M. The company executed contracts for 12 T2Dx® Instruments and implemented expense cuts, reducing workforce by 54 positions and operating expenses by 20%. T2 Biosystems expects full-year revenue of $28M to $31M, while also projecting a decline in COVID-19 revenue from $9.5M to $3.5M.
T2 Biosystems (NASDAQ:TTOO) announced its appearance on the Benzinga All Access show on June 17, 2022, where management will be interviewed at 9:40 AM ET. The live and recorded broadcast will be accessible via T2 Biosystems’ Investor Relations website. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens and antibiotic resistance genes, aiming to enhance patient care. Their products include various diagnostic panels powered by T2 Magnetic Resonance technology, with future products in development.
T2 Biosystems (NASDAQ:TTOO) received an extension from the Nasdaq Hearings Panel until November 1, 2022, to meet the minimum bid price requirement of $1.00 per share for compliance. The Company must maintain this price for at least 10 consecutive business days. Failure to comply may lead to delisting. T2 Biosystems is also transferring its stock listing from the Nasdaq Global Market to the Nasdaq Capital Market, effective June 13, 2022, without impacting trading. The Company monitors its stock price and may consider a reverse stock split as needed.
T2 Biosystems (NASDAQ:TTOO) has received U.S. Patent 11,326,213 for its T2Lyme™ Panel, which enables rapid detection of Lyme disease-causing bacteria from blood samples in just 3 to 5 hours. This innovation addresses a critical need as current FDA-cleared tests are inadequate for early detection, often leading to delayed treatment. Approximately 476,000 people are treated for Lyme disease annually in the U.S., highlighting the market potential for fast and accurate diagnostics. T2's patent portfolio now includes 46 U.S. patents, reinforcing its commitment to advancing healthcare diagnostics.
T2 Biosystems (NASDAQ:TTOO) reported a 4% increase in total revenue for Q1 2022, reaching $7.2 million, primarily from BARDA contract activities, despite a 17% decline in product revenue to $3.8 million due to decreased COVID-19 test sales. The company placed 15 T2Dx Instruments, enhancing its U.S. market presence. Operating expenses rose to $15.9 million, leading to a net loss of $16.5 million ($0.10 per share). T2 expects total revenue for 2022 between $28.0 and $31.0 million, with a decrease in COVID-19 revenue projections.
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