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) has announced the pricing of an underwritten public offering of 11,111,111 shares of common stock and warrants for gross proceeds of approximately $12 million, priced at $1.08 per share, before discounts and commissions. The accompanying warrants, also priced at $1.08, are exercisable immediately and will expire in five years. The offering is expected to close on February 17, 2023, subject to customary conditions. Craig-Hallum Capital Group LLC is the sole managing underwriter. This announcement follows a shelf registration statement declared effective in April 2021, allowing T2 Biosystems to raise capital for its innovative products and technologies.
T2 Biosystems, Inc. (NASDAQ: TTOO) announced an underwritten public offering of its common stock and warrants, subject to market conditions. The offering will be managed by Craig-Hallum Capital Group LLC and is made under a shelf registration filed with the SEC. A preliminary prospectus will be available on the SEC's website. T2 Biosystems focuses on rapid detection of sepsis-causing pathogens and antibiotic resistance, improving patient care while reducing costs. The company has an active pipeline including various diagnostic panels powered by its T2 Magnetic Resonance technology.
T2 Biosystems announced positive results for the T2Biothreat™ Panel after completing U.S. clinical evaluations. The panel, designed for direct-from-blood testing, demonstrates high sensitivity and specificity in detecting six biothreat pathogens including those causing anthrax and plague. The company aims to file for FDA clearance and then pursue commercial sales. Rapid detection of these pathogens can significantly improve clinical outcomes and reduce mortality rates, with infections having fatality rates of 40-90%. Testing involved over 470 negative samples and 350 positive samples, showing impressive performance metrics.
T2 Biosystems (TTOO) has advanced to Phase 2 of the LymeX Diagnostics Prize, aimed at developing innovative Lyme disease diagnostics. Their T2Lyme Panel, designed for early Lyme disease detection, has received Breakthrough Device Designation from the FDA and is patented. This prize competition stands to enhance Lyme diagnostics by offering cash prizes and resources for teams working on next-generation solutions. With $9 million available in future prizes, the initiative aims to foster a broader market response to Lyme disease, which affects approximately 476,000 people annually in the U.S. The Phase 2 cohort will submit concept papers in October 2023.
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in rapid pathogen detection, announced the issuance of inducement awards to fourteen new employees on January 30, 2023. These awards, part of the company’s Inducement Award Plan, include thirteen option grants totaling 6,220 shares and one grant of restricted stock units (RSUs) covering 40,000 shares to VP Steve Miller. The options have an exercise price of $1.59, the closing price on the award date, and vest over four years. The award was approved by the independent compensation committee and aligns with Nasdaq Marketplace Rule 5635(c)(4).
T2 Biosystems, a leader in rapid detection of sepsis-causing pathogens, reported preliminary financial results for Q4 and full year 2022. Total revenue for 2022 reached $22.3 million, with product revenue at $11.3 million. The fourth quarter alone generated $5.5 million, including $2.2 million from product sales. The company achieved record sepsis product revenue and T2Dx Instrument contracts, with 51 units sold globally. Significant advancements included U.S. clinical trials for new panels and a FDA Breakthrough Device Designation for the T2Lyme Panel. Cash reserves were $11.9 million at year-end. Complete results will be available in March 2023.
T2 Biosystems, Inc. (NASDAQ:TTOO) announced the extension of its Innovative Technology contract with Vizient, Inc. until March 31, 2024. The contract continues to cover the T2Dx® Instrument and panels for detecting sepsis-causing pathogens from whole blood. This agreement enhances hospitals' access to T2 Biosystems' rapid diagnostic technologies, crucial for early targeted therapy for suspected sepsis patients. Vizient represents over $100 billion in combined purchasing volume annually, including more than 50% of acute care hospitals in the U.S.
On December 8, 2022, T2 Biosystems (NASDAQ:TTOO) announced the publication of a peer-reviewed article by Oxford University Press, emphasizing the critical need for early microbial diagnosis to combat sepsis. The article highlights that sepsis impacts approximately 50 million people globally each year, leading to substantial healthcare costs of about $62 billion in the U.S. alone. T2’s FDA-cleared instruments, including the T2Dx, T2Bacteria, and T2Candida Panels, aim to improve rapid diagnosis and treatment, aligning with CDC recommendations and addressing healthcare disparities in underserved communities.
T2 Biosystems, Inc. (NASDAQ:TTOO) reported third quarter 2022 revenues of $3.7 million, including $2.6 million in product revenue, with sepsis-related revenue reaching a record $2.4 million, up 24% year-over-year. The company executed contracts for 11 T2Dx® Instruments, increasing total units to 20 in the U.S. and 18 internationally. Key pipeline developments include a $3.7 million contract extension with BARDA for clinical trials and the FDA-designated breakthrough T2Lyme Panel. However, the net loss for Q3 2022 was $17.4 million, compared to $14.0 million in Q3 2021.
T2 Biosystems, Inc. (NASDAQ:TTOO) announced an amendment and extension of its Term Loan Agreement with CRG Servicing LLC, extending the maturity date to December 30, 2024. This amendment will provide additional balance sheet flexibility for the company. T2 Biosystems is noted for its rapid sepsis diagnostics, reporting record sepsis revenue in Q3 and ongoing pipeline development, including advancements in Lyme disease diagnostics. The partnership with CRG is critical for T2's ongoing growth strategy.
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