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, 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.
T2 Biosystems, a leader in sepsis detection, announced the granting of inducement awards to 20 new employees on October 1, 2021. These awards consist of options to purchase 621,500 shares at an exercise price of $0.938, the closing price on that date. The awards will vest over four years. This issuance is part of T2 Biosystems’ Inducement Award Plan, aimed at enhancing employee retention and attracting talent within the competitive healthcare market. T2 Biosystems continues to innovate with its proprietary T2 Magnetic Resonance technology to improve patient care.
T2 Biosystems recently showcased key data on rapid diagnostics for sepsis-causing pathogens at prominent conferences, including AACC, CAP21, and IDWeek, during Sepsis Awareness Month. The company's technologies, such as the T2Candida® and T2Bacteria® Panels, demonstrated high sensitivity (up to 91.1%) and specificity (up to 99.4%) in detecting bloodstream infections. This advancement offers significant potential for improved patient outcomes and cost savings through faster diagnosis and targeted therapies.
T2 Biosystems has secured an additional $6.4 million from the Biomedical Advanced Research and Development Authority (BARDA) to enhance its diagnostic technologies for sepsis and antibiotic resistance. This funding is part of a multi-year cost share contract, potentially totaling $69 million. Products under development include the T2Resistance® and T2Biothreat® panels, aimed at improving diagnosis of bloodstream infections and mitigating biothreats. The company plans to initiate U.S. clinical trials for these panels, addressing the pressing issue of sepsis, which costs nearly $62 billion annually in the U.S.
T2 Biosystems (NASDAQ:TTOO) announces participation in multiple industry conferences throughout September, coinciding with Sepsis Awareness Month. The company aims to showcase new data on its rapid diagnostics technologies for sepsis detection. CEO John Sperzel and Chief Medical Officer Aparna Ahuja will lead key sessions, emphasizing culture-independent testing's impact on patient outcomes. Presentations are scheduled at events such as the Sepsis Alliance Summit and the American Association for Clinical Chemistry’s Annual Scientific Meeting. T2 Biosystems is also set to share findings on detecting antibiotic-resistant bacteria and SARS-CoV-2 variants.
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