T2 Biosystems Announces Extension of Multiyear Innovative Technology Contract with Vizient, Inc.

Rhea-AI Summary

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.

Positive

• Contract extension with Vizient improves market presence until March 31, 2024.
• Increased access to T2Dx® Instrument and panels for hospitals, supporting quicker sepsis diagnosis.

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• None.

LEXINGTON, Mass., Dec. 28, 2022 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced that its Innovative Technology contract with Vizient, Inc., the largest member-driven health care performance improvement company in the country, has been extended through March 31, 2024. The products covered under the contract with Vizient include the T2Dx^® Instrument, the T2Bacteria^® Panel and the T2Candida^® Panel, which detect sepsis-causing bacterial and fungal pathogens directly from whole blood.

“We are pleased to extend our multi-year agreement with the nation’s largest group purchasing organization. This reiterates the continued value that T2 Biosystems’ technology offers to patients suspected of sepsis,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “We believe there is a strong need for hospitals to have more effective rapid diagnostics that enable earlier targeted therapy and this contract with Vizient improves hospitals’ access to our life-saving technology.”

Through the extended contract, Vizient members will continue to have access to broader exposure and contracted pricing for the T2Dx^® Instrument and its corresponding panels that detect sepsis-causing bacterial and fungal pathogens.

Vizient serves a wide range of health care organizations that represent a combined purchasing volume of approximately $100 billion annually and includes more than 50 percent of the nation’s acute care hospitals, 95 percent of all academic medical centers and 20 percent of the country’s ambulatory market.

About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx^® Instrument, the T2Bacteria^® Panel, the T2Candida^® Panel, the T2Resistance^® Panel, and the T2SARS-CoV-2™ Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR^®) technology. T2 Biosystems has an active pipeline of future products, including the T2Biothreat™ Panel, the T2Cauris™ Panel, and T2Lyme™ Panel, as well as next-generation products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers. For more information, please visit www.t2biosystems.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding statements regarding the potential benefits of the contract extension, the value of the products, the demand and clinical need for the products, and increased hospital access, , as well as statements that include the words “expect,” “may,” “should,” “anticipate,” and similar statements of a future or forward looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) realize anticipated benefits from commitments, contracts or products; (b) successfully execute strategic priorities; (c) bring products to market; (d) expand product usage or adoption; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) realize anticipated revenues; (h) incur expected levels of operating expenses; or (i) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; or (iv) the factors discussed under Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission, or SEC, on March 23, 2022, and other filings the Company makes with the SEC from time to time, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While the Company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

Investor Contact:
Philip Trip Taylor, Gilmartin Group
ir@T2Biosystems.com
415-937-5406

FAQ

What is the significance of T2 Biosystems' contract extension with Vizient?

The contract extension allows T2 Biosystems to maintain access to a vast network of healthcare organizations, facilitating the distribution of its diagnostic technology for sepsis detection.

How long is the new contract with Vizient for T2 Biosystems?

The contract with Vizient has been extended through March 31, 2024.

What products are covered under the T2 Biosystems contract with Vizient?

The contract includes the T2Dx® Instrument, T2Bacteria® Panel, and T2Candida® Panel for detecting sepsis-causing pathogens.

Which healthcare organizations does Vizient serve?

Vizient serves over 50% of acute care hospitals, 95% of academic medical centers, and 20% of the ambulatory market in the U.S.

What are the potential benefits of the contract extension for T2 Biosystems?

The extension is expected to enhance sales and facilitate broader adoption of T2 Biosystems' rapid diagnostic technology among hospitals.