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T2 Biosystems, Inc - TTOO STOCK NEWS

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.

News

T2 Biosystems Announces Preliminary Fourth Quarter and Full Year 2023 Financial Results

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T2 Biosystems, Inc. reported record fourth quarter U.S. T2Bacteria Panel sales and achieved full year 2023 total revenue of $7.2 million. The Company executed contracts for 26 T2Dx Instruments in 2023 and expanded its international distribution network. Recent highlights include FDA clearances for new panels and a Phase 2 award. Financially, the Company presented a plan to regain compliance with Nasdaq listing requirements and amended its term loan agreement with CRG. Cash and cash equivalents stood at $15.7 million as of December 31, 2023. The Company expects significant revenue growth in 2024, focusing on sepsis and related product revenue.
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T2 Biosystems Announces Agreement with CRG for the Conversion of $15 Million of CRG Term Loan into Equity

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T2 Biosystems, Inc. announces a definitive agreement to convert $15 million of its term loan into equity, strengthening its balance sheet. The company is working on important business catalysts like international distribution expansion and FDA clearances.
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T2 Biosystems Announces Commercial Expansion Through Distributors in Europe and Asia

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T2 Biosystems, Inc. (NASDAQ:TTOO) announced exclusive distribution agreements in the Netherlands, Belgium, Vietnam, and Switzerland to sell sepsis detection products. The agreements aim to expand international commercial business. The move targets high-prevalence regions for sepsis and antibiotic resistance, offering rapid detection solutions.
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T2 Biosystems Receives FDA 510(k) Clearance for the Expanded T2Bacteria Panel

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T2 Biosystems receives FDA clearance for expanded T2Bacteria Panel to detect Acinetobacter baumannii, a critical bloodstream infection pathogen. The addition enhances the panel's value proposition and covers 75% of sepsis-causing bacterial pathogens.
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T2 Biosystems to Report Fourth Quarter and Full Year 2023 Financial Results and Business Updates on February 15, 2024

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T2 Biosystems, Inc. (NASDAQ:TTOO) will report financial results for Q4 and full year 2023 and business updates on February 15, 2024. A conference call will be held at 4:30 p.m. ET. Investors can access the live webcast at www.t2biosystems.com or dial 1-888-506-0062 (US/Canada) or 1-973-528-0011 (International) with passcode 106354.
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U.S. Department of Health and Human Services and Steven and Alexandra Cohen Foundation Name T2 Biosystems a Phase 2 Winner in the LymeX Diagnostics Prize

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T2 Biosystems, Inc. has been selected as a Phase 2 winner in the LymeX Diagnostics Prize, receiving $265,000 to advance the T2Lyme Panel for the detection of early Lyme disease. The T2Lyme Panel is designed to run on the FDA-cleared T2Dx Instrument and detect Borrelia burgdorferi, the bacteria that causes Lyme disease. The current diagnostic process for Lyme disease relies on the presence of antibodies and can only be used accurately four to six weeks after infection, making early diagnosis critical. The competition judging panel evaluated submissions based on official Phase 2 evaluation criteria, and at least $7 million in additional LymeX prizes are projected to be available in proposed future phases.
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T2 Biosystems Announces Participation in NIH-funded Antibacterial Resistance Leadership Group (ARLG) Pilot Study for Pneumonia Patients

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T2 Biosystems, Inc. (NASDAQ:TTOO) is participating in the NIH-funded Antibacterial Resistance Leadership Group (ARLG) pilot study for pneumonia patients to determine the accuracy of multiple pathogen- and host-directed tests for the diagnosis of ventilator-associated pneumonia (VAP). The study aims to explore new approaches for diagnosing VAP and detecting antibiotic-resistant infections. The FDA-cleared T2Bacteria® Panel and the T2Resistance® Panel will be evaluated for the ability to rapidly detect infections in the blood currently missed by conventional methods. The study will be performed at Johns Hopkins Medicine laboratories.
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T2 Biosystems Announces FDA 510(k) Submission to Expand Use of the FDA-Cleared T2Candida Panel to Include Pediatric Testing

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T2 Biosystems, a leader in rapid sepsis detection, submits FDA premarket notification for pediatric testing expansion of its FDA-cleared T2Candida Panel. The panel can detect sepsis-causing Candida pathogens directly from blood in just 3-5 hours, with a higher detection rate and faster species identification compared to blood culture. The submission marks an important milestone in the company's commitment to expanding the clinical utility of its sepsis test panels.
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T2 Biosystems to Participate in the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum

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T2 Biosystems, Inc. plans to participate in the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum in New York. The management will present on November 16, 2023, at 8:00am ET. A live and recorded webcast of the presentation will be available on the company's website.
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T2 Biosystems Regains Compliance with Nasdaq Listing Requirements

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T2 Biosystems, Inc. has regained compliance with the minimum bid price requirement of the Nasdaq Stock Market. The company maintained a minimum closing bid price of $1.00 or more for 10 consecutive trading days, with a closing bid price of $5.61 on October 26, 2023. T2 Biosystems will be subject to a Mandatory Panel Monitor for one year. If the company fails to comply with the Minimum Bid Price Requirement within this period, it may request a new hearing to avoid delisting.
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FAQ

What is the current stock price of T2 Biosystems (TTOO)?

The current stock price of T2 Biosystems (TTOO) is $0.51 as of November 22, 2024.

What is the market cap of T2 Biosystems (TTOO)?

The market cap of T2 Biosystems (TTOO) is approximately 9.5M.

What is T2 Biosystems, Inc. known for?

T2 Biosystems is known for its rapid diagnostic products that detect sepsis-causing pathogens and antibiotic resistance genes.

What are the core products of T2 Biosystems?

The core products include the T2Dx Instrument, T2Bacteria Panel, T2Candida Panel, T2Resistance Panel, and T2Biothreat Panel.

What proprietary technology does T2 Biosystems use?

T2 Biosystems uses its proprietary T2 Magnetic Resonance platform, or T2MR®, for rapid pathogen detection.

What recent financial achievements has T2 Biosystems made?

T2 Biosystems has achieved double-digit growth in sepsis product revenue and reduced its total debt by approximately 80% over the past year.

When is the T2Lyme Panel expected to launch?

The T2Lyme Panel is anticipated to be commercially available in the third quarter of 2024.

Where can I find job opportunities at T2 Biosystems?

Job opportunities at T2 Biosystems can be found on their official website.

How does T2 Biosystems aim to impact healthcare?

T2 Biosystems aims to lower mortality rates, enhance patient outcomes, and reduce healthcare costs through its rapid diagnostic products.

Who can I contact for investor-related inquiries?

For investor-related inquiries, you can contact Philip Trip Taylor at Gilmartin Group via email at ir@T2Biosystems.com or phone at 415-937-5406.

What areas of unmet medical need is T2 Biosystems targeting?

T2 Biosystems is targeting unmet medical needs in sepsis, hemostasis, bacteria, and Lyme disease.

How does T2MR® technology benefit patient care?

T2MR® technology benefits patient care by enabling faster and more accurate detection of pathogens, leading to earlier and more targeted treatment decisions.

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T2 Biosystems, Inc

Nasdaq:TTOO

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TTOO Stock Data

9.55M
8.59M
10.17%
73.51%
4.78%
Diagnostics & Research
Surgical & Medical Instruments & Apparatus
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United States of America
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