T2 Biosystems Stock Price, News & Analysis

T2 Biosystems, a leader in sepsis detection, has announced its participation in the Canaccord Genuity MedTech Forum in New York. Scheduled for November 17, 2022, at 2 PM ET, the event will feature a presentation accessible via a live webcast on the company's website.

Known for its innovative T2 Magnetic Resonance technology, T2 Biosystems aims to enhance patient care by enabling faster treatment decisions. The firm offers various diagnostic panels, including T2Dx, T2Bacteria, T2Candida, T2Resistance, and T2SARS-CoV-2, and has several products in development.

T2 Biosystems (NASDAQ:TTOO) has been awarded $100,000 as a Phase 1 winner in the LymeX Diagnostics Prize, aimed at developing Lyme disease diagnostics. This funding supports the advancement of their T2Lyme Panel, designed for early detection of Lyme disease. The initiative encourages innovative solutions through no-strings-attached funding and collaboration opportunities. In future phases, the focus will shift to clinical validation and regulatory submission processes. The T2Lyme Panel recently received FDA Breakthrough Device Designation and a patent.

T2 Biosystems (NASDAQ:TTOO) announced on November 1, 2022, that it has regained compliance with NASDAQ's minimum bid price requirement after being notified in November 2021 of non-compliance. The company maintained a closing bid price above $1.00 for ten consecutive trading days, achieving the necessary compliance status on October 26, 2022. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens and antibiotic resistance genes, offering various diagnostic panels powered by its proprietary technology.

T2 Biosystems (NASDAQ:TTOO) announced it will release its third quarter 2022 financial results on November 10, 2022, after market close. A conference call will follow at 4:30 p.m. ET, which investors can access via a live and archived webcast on the company’s website. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens and antibiotic resistance genes, with products like the T2Dx® Instrument and various panels powered by their proprietary T2 Magnetic Resonance (T2MR®) technology. The company aims to enhance patient care and reduce costs.

T2 Biosystems (NASDAQ:TTOO) announced the initiation of studies to expand its FDA-cleared T2Bacteria® Panel to include the detection of Acinetobacter baumannii, a pathogen linked to severe bloodstream infections in critically ill patients.

Acinetobacter infections are prevalent in healthcare settings and are resistant to many antibiotics. The T2Bacteria Panel, able to provide rapid pathogen detection in whole blood within 3 to 5 hours, is currently FDA-cleared to identify other sepsis-causing pathogens. This expansion aims to enhance patient care and improve treatment outcomes for those at risk.

T2 Biosystems (NASDAQ:TTOO) announced three peer-reviewed studies showcasing the effectiveness of its T2Bacteria and T2Candida panels for diagnosing bloodstream infections. Conducted in Europe, these studies demonstrated faster and more accurate detection compared to traditional blood cultures. Results showed significant benefits, including up to 61.3 hours faster targeted therapy in pediatric cases and a nearly 52-hour improvement in therapy time during COVID-19 superinfections. The company plans to explore regulatory submissions for expanding product claims.

T2 Biosystems announced plans to develop and market a diagnostic test for early Lyme disease, aiming for commercialization in the U.S. as a Laboratory Developed Test in 2023. This initiative follows the receipt of a patent and FDA Breakthrough Device Designation for the T2Lyme Panel. The test aims to aid in the rapid diagnosis of Lyme disease, addressing the limitations of current antibody testing methods that can lead to delayed treatments. The company highlights a significant market opportunity, as approximately 476,000 Americans are diagnosed with Lyme disease each year.

T2 Biosystems (NASDAQ:TTOO) announced preliminary unaudited financial results for Q3 2022, reporting total revenues of approximately $3.7 million, a 50% decrease year-over-year, driven by lower COVID-19 test sales. However, non-COVID product revenue reached a record $2.3 million, up 24%. The company executed contracts for 11 T2Dx Instruments and received FDA Breakthrough Device Designation for the T2Lyme Panel. T2 now expects 2022 revenue of $22.0 to $23.0 million, indicating moderated growth and a projected 50 to 55 T2Dx contracts for the year.

T2 Biosystems (NASDAQ:TTOO) announces a reverse stock split at a ratio of 1-for-50, effective October 12, 2022. This decision was approved by approximately 70% of its stockholders during the annual meeting on October 11, 2022. The split aims to meet the minimum bid price requirement for maintaining its Nasdaq listing. Trading on a split-adjusted basis is set to commence on October 13, 2022, under the existing symbol TTOO. No fractional shares will be issued; instead, stockholders will receive cash payments for any fractions. The company continues to focus on rapid detection of sepsis-causing pathogens.