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 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.
T2 Biosystems (NASDAQ:TTOO) announced on May 5, 2022, that it received a notice from Nasdaq regarding its failure to meet the $1.00 minimum bid price for continued listing. The notice subjects the company's shares to potential delisting. In response, T2 has filed an appeal and requested a hearing, which will temporarily halt the delisting process until the Panel delivers its decision on June 2, 2022. The company plans to present a strategy for regaining compliance, which may include a reverse stock split.
T2 Biosystems (NASDAQ:TTOO) has established a Scientific Advisory Board (SAB) aimed at enhancing its capabilities in clinical utilization and product development for sepsis diagnostics. The SAB is comprised of distinguished experts from infectious disease and laboratory medicine, chaired by Dr. Aparna Ahuja. The board will provide strategic insights to advance T2 Biosystems' technology platform and improve patient care regarding sepsis detection, leveraging their extensive research and clinical experience.
T2 Biosystems, Inc. (NASDAQ:TTOO) has applied for FDA Breakthrough Device Designation for its T2Biothreat Panel, a blood test aiming to detect six critical biothreat pathogens. The CDC categorizes these pathogens, including Bacillus anthracis and Yersinia pestis, as significant threats due to their high mortality rates. The company initiated a U.S. clinical trial for the panel in December 2021 and aims to expedite its commercial launch. This program is supported by federal funding from the Department of Health and Human Services, highlighting the panel's public health significance.
T2 Biosystems (TTOO) will report its first quarter 2022 financial results on May 5, 2022, after market close. A conference call will follow at 4:30 PM ET, allowing investors to access the live and archived webcast on their website. The company specializes in rapid detection of sepsis-causing pathogens and antibiotic resistance genes, enhancing patient care through advanced technology. Their product line includes the T2Dx Instrument and various diagnostic panels powered by proprietary T2 Magnetic Resonance technology.
T2 Biosystems (NASDAQ:TTOO) announced the issuance of inducement awards to 28 new employees, comprising options to purchase 872,500 shares, effective April 1, 2022. The options have a ten-year term with an exercise price of $0.52, matching the closing price on the grant date. They vest over a four-year period. This initiative is part of the company’s Inducement Award Plan, which aims to attract talent to enhance its rapid sepsis detection capabilities.
T2 Biosystems (NASDAQ:TTOO) announced funding of $4.4 million from BARDA to support U.S. clinical trials for the T2Biothreat and T2Resistance panels aimed at detecting bloodstream infections and antibiotic resistance. The total potential funding could reach $69 million if all options are exercised. The T2Biothreat Panel will identify six biothreat pathogens, while the T2Resistance Panel will detect thirteen antibiotic resistance genes. The company aims for FDA submissions in 2022, enhancing capabilities in sepsis detection and antimicrobial resistance management.
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