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 that its T2SARS-CoV-2™ Panel successfully detects the Omicron COVID-19 variant (B.1.1.529). The Omicron variant, designated as a 'variant of concern' by the WHO, has over 30 mutations and has spread to 20 countries. The T2SARS-CoV-2 Panel shows 95% sensitivity and 100% specificity, providing results in under two hours. This capability supports clinicians in managing sepsis-related complications during the pandemic. T2 Biosystems aims to enhance patient care while reducing healthcare costs with its innovative diagnostic solutions.
T2 Biosystems (NASDAQ:TTOO) announced a territory-exclusive distribution agreement in Taiwan for its T2Dx® Instruments and related diagnostic panels. This deal involves an initial order of three T2Dx Instruments and marks T2 Biosystems’ third entry into the Asia-Pacific market in just 30 days. Taiwan has a notable sepsis rate of 287 per 100,000 people, highlighting a significant healthcare need in the region. The company aims to collaborate with Taiwanese health authorities for regulatory approval, enhancing the quality of sepsis care available in the market.
T2 Biosystems, a leader in rapid detection of sepsis-causing pathogens, announced its participation in the Canaccord Genuity Virtual MedTech, Diagnostics, and Digital Health & Services Forum. The presentation is scheduled for November 18, 2021, at 11:30 am ET. Interested stakeholders can access the live and recorded webcast on the company’s website. T2 Biosystems offers innovative products like the T2Dx Instrument and various pathogen detection panels, all powered by proprietary T2 Magnetic Resonance technology. The company aims to enhance patient care and reduce costs by enabling faster treatment.
T2 Biosystems will present at the 7th annual World Anti-Microbial Resistance Congress on November 8-9, 2021, in Washington, DC. The event will focus on combating antimicrobial resistance, attracting over 500 stakeholders, including industry leaders and infectious disease experts. John Sperzel, CEO, emphasized the importance of rapid diagnostics like the T2 Magnetic Resonance technology for improving patient outcomes. T2 Biosystems also secured an additional $6.4 million in funding from BARDA to advance its T2Resistance Panel, aimed at detecting antibiotic resistance genes directly from blood.
T2 Biosystems, Inc. (NASDAQ:TTOO) reported third-quarter financial results for 2021, achieving revenue of $7.4 million, a 42% increase year-over-year. Product revenue grew 15% to $4.3 million, driven by higher sepsis test panel sales. The company’s annualized run rate for U.S. sepsis test panel utilization rose by 55%. T2 sold 8 T2Dx® Instruments in Q3 and expanded into Asia-Pacific with two additional sales. Operating expenses increased to $14.9 million, resulting in a net loss of $14.0 million. The company raised its full-year revenue guidance to $25.0-$27.0 million.
T2 Biosystems has announced the appointment of Brett Giffin as Chief Commercial Officer, effective November 8, 2021. Giffin will lead global sales, marketing, service, and customer support, succeeding Anthony Pare, who has taken a CEO position at BioPorto A/S. Giffin brings extensive experience from various roles in the medical technology sector, including CEO positions and leadership at notable companies such as Accriva Diagnostics and Boston Scientific. This strategic move aims to enhance T2's growth initiative in the U.S. and international markets.
T2 Biosystems, Inc. (NASDAQ:TTOO) will announce its third-quarter 2021 financial results on November 4, 2021, after the market closes. A conference call will follow at 4:30 p.m. ET to discuss the results. Interested investors can access the call through a live and archived webcast via the company's website or by dialing in directly. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens, aiming to enhance patient care while reducing costs. Their product lineup includes instruments and panels utilizing proprietary T2 Magnetic Resonance technology.
T2 Biosystems has made a significant move in its international expansion by entering the Asia-Pacific market through exclusive distribution agreements in Singapore and South Korea. The company will distribute the T2Dx® Instruments and panels for the rapid detection of sepsis-causing pathogens. The shipment of two instruments to Singapore and a purchase order for four more to South Korea marks the commencement of this initiative. With sepsis incidents high in this region, T2 Biosystems aims to improve patient care by providing advanced diagnostic solutions.
T2 Biosystems (NASDAQ:TTOO) has appointed Laura Adams to its Board of Directors, effective immediately. With over 20 years in healthcare, Adams is noted for her leadership in digital health transformation. Previously, she was the founding President and CEO of the Rhode Island Quality Institute, where she achieved significant reductions in infections and sepsis mortality. Adams' expertise will be invaluable as T2 Biosystems aims to enhance its culture-independent diagnostics, addressing critical healthcare needs, particularly in sepsis management.
Abcuro, Inc., a clinical-stage biotechnology company focused on therapies for autoimmune diseases and cancer, has appointed Darlene Deptula-Hicks to its Board of Directors. With over 30 years of experience in the life sciences sector, she previously served as CFO for several companies, including F-star Therapeutics (NASDAQ:FSTX) and T2 Biosystems (NASDAQ:TTOO). Her expertise in growth strategies and capital raising is expected to boost Abcuro's clinical development initiatives, particularly for its lead program, ABC008, which has received Orphan Drug Designation from the FDA.
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