T2 Biosystems Announces Plans to Consolidate and Expand Facilities in Massachusetts
T2 Biosystems (NASDAQ:TTOO) announced plans to consolidate operations into a new 70,000 sq. ft. facility in Billerica, Massachusetts, set to occur in the second half of 2022. This move aims to enhance efficiency, reduce operating costs, and attract talent within the competitive Massachusetts life sciences market. The new site will feature state-of-the-art laboratory and manufacturing spaces to support the development of current and future products, including T2 Biosystems' pathogen detection technologies.
- Consolidation into a larger, state-of-the-art facility may lead to increased operational efficiency.
- New facility expected to reduce operating costs.
- Strategic location in Massachusetts enhances talent acquisition.
- Forward-looking statements indicate potential risks related to executing strategic priorities and product development.
LEXINGTON, Mass., Sept. 08, 2021 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens, announced today plans to consolidate its existing facilities and expand into a newly leased facility in Billerica, Massachusetts. The Company will consolidate its existing operations in Lexington, MA and Wilmington, MA into a 70,000 sq.ft. facility in Billerica, MA to accommodate current and future growth. The move is expected to occur during the second half of 2022.
“T2 Biosystems was born in Massachusetts and we are excited to continue our growth in the Bay State,” stated John Sperzel, Chairman and Chief Executive Officer at T2 Biosystems. “We expect the new facility to provide benefits across our business, including cost savings and efficiency, and strengthen our ability to attract and retain outstanding talent in the highly competitive Massachusetts life science space.”
Consistent with the Company’s corporate objective to enhance operations, the new facility will include state-of-the art laboratory and manufacturing space designed specifically to advance the development and manufacturing of current and new products, and allows the Company to simultaneously reduce operating costs.
About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens, 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, T2Candida® Panel, the T2Bacteria® 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 T2Cauris™ Panel, and T2Lyme ™ Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, and biothreat pathogens.
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 the benefits of the new facility, as well as statements that include the words “expect,” “intend,” “plan”, “believe”, “project”, “forecast”, “estimate,” “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, 2019, filed with the U.S. Securities and Exchange Commission, or SEC, on March 16, 2020, and other filings the Company makes with the SEC from time to time. 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.
Media Contact:
Gina Kent, Vault Communications
gkent@vaultcommunications.com
610-455-2763
Investor Contact:
Philip Trip Taylor, Gilmartin Group
philip@gilmartinIR.com
415-937-5406
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