{"id":167487,"date":"2020-03-26T16:57:42","date_gmt":"2020-03-26T20:57:42","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=167487"},"modified":"2020-03-26T16:57:42","modified_gmt":"2020-03-26T20:57:42","slug":"t2-biosystems-shares-nearly-double-on-worldwide-covid-19-testing-license-deal","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/03\/t2-biosystems-shares-nearly-double-on-worldwide-covid-19-testing-license-deal\/","title":{"rendered":"T2 Biosystems Shares Nearly Double on Worldwide COVID-19 Testing License Deal"},"content":{"rendered":"
March 26, 2020<\/div>
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By The Life Science Report<\/b><\/p>\n

Source: Streetwise Reports<\/em> \u00a0\u00a003\/25\/2020<\/a><\/b><\/p>\n

Shares of T2 Biosystems Inc. traded 90% higher after the company reported that a new COVID-19 assay licensed from Hackensack Meridian Health’s Center for Discovery and Innovation will be adapted to run on its FDA-cleared T2Dx\u00ae Instrument.<\/strong><\/p>\n

Diagnostics company T2 BioSystems Inc. (TTOO:NASDAQ)<\/a>, which is focused on the rapid detection of sepsis-causing pathogens, yesterday announced<\/a> that it has “entered into a worldwide licensing agreement for a rapid COVID-19, novel coronavirus test developed by the Center of Discovery and Innovation (CDI) at Hackensack Meridian Health (HMH), New Jersey’s largest and most comprehensive health network.”<\/p>\n

The company stated that “the licensed coronavirus assay has been used by healthcare professionals within the HMH network, under the U.S. Food and Drug Administration’s Emergency Use Authorization guidance, to test and treat patients suspected of having coronavirus.”<\/p>\n

The firm indicated that under terms of the agreement “it will adapt the coronavirus test to run on its T2Dx\u00ae Instrument, the same instrument used for the FDA-cleared T2Bacteria\u00ae and T2Candida\u00ae Panels.” In addition, it was noted that HMH will adopt the T2Dx\u00ae Instrument and test panels at the CDI.<\/p>

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The company’s President and CEO John Sperzel commented, “This agreement combines our FDA-cleared T2Dx platform with our joint scientific expertise to benefit patients at risk for both primary coronavirus infections, as well as associated secondary infections that may lead to sepsis…Data from prior flu pandemics indicated bacterial co-infection rates as high as 29%, and sepsis rates above 30% among patients admitted to hospital intensive care units. The ability to detect coronavirus and associated secondary bacterial or fungal infections that may lead to sepsis, without the need to wait days for a diagnostic result, allows clinicians to achieve targeted therapy faster, and can lead to reduced length of stay in the intensive care unit, freeing up beds for incoming patients.”<\/p>\n

The firm stated that “by adding this complementary test to the T2Dx platform, capable of detecting SARS-CoV-2 (novel coronavirus), T2 Biosystems will be able to provide a comprehensive assessment of patients suspected of primary or secondary infections associated with coronavirus, when timely results are most critical.”<\/p>\n

Robert C. Garrett, FACHE, CEO of Hackensack Meridian Health, remarked, “Our scientists at the Center for Discovery and Innovation have given our health network a crucial tool to treat patients in real-time…We are pleased to license the technology to T2 Biosystems and also adopt the T2Dx platform.”<\/p>\n

Chief Scientific Officer and SVP of the CDI David S. Perlin, Ph.D., added, “We developed a highly sensitive and accurate coronavirus test that provides rapid, definitive results by combining the best elements found in the coronavirus tests developed by CDC and WHO…The T2Dx\u00ae Instrument is the perfect vehicle to expand our innovation to customers around worldwide.”<\/p>\n

T2 Biosystems is based in Lexington, Mass., and is engaged in the rapid detection of sepsis-causing pathogens, biomarkers and other abnormalities. The firm is focused on improving patient care and reducing the medical care cost by helping clinicians effectively treat patients quicker than before. The company’s products which are powered by the proprietary T2 Magnetic Resonance (T2MR\u00ae) technology include the T2Dx\u00ae Instrument, T2Candida\u00ae Panel, the T2Bacteria\u00ae Panel and the T2ResistanceTM<\/sup> Panel.<\/p>\n

HMH is a large non-profit health care group that offers a complete range of medical services, research and life-enhancing care. The organization has 17 hospitals, a behavioral health hospital and two rehabilitation hospitals.<\/p>\n

The CDI is a member of HMH group, which aims to translate current innovations in science in order to improve clinical outcomes for patients with cancer, infectious diseases and other life-threatening and disabling conditions.<\/p>\n

T2 Biosystems began the day with a market capitalization of around $39.3 million with approximately 100.8 million shares outstanding and a short interest of about 5.0%. TTOO shares opened more than 125% higher today at $0.893 (+$0.5032, +129.09%) over yesterday’s $0.3898 closing price. The stock has traded today between $0.6722 and $0.99 per share and is currently trading at $0.76 (+$0.38, +96.38%).<\/p>\n

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Disclosure: <\/b>
\n1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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\n3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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\n6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.<\/p>\n

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( Companies Mentioned: TTOO:NASDAQ,
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\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

By The Life Science Report Source: Streetwise Reports \u00a0\u00a003\/25\/2020 Shares of T2 Biosystems Inc. traded 90% higher after the company reported that a new COVID-19 assay licensed from Hackensack Meridian Health’s Center for Discovery and Innovation will be adapted to run on its FDA-cleared T2Dx\u00ae Instrument. Diagnostics company T2 BioSystems Inc. (TTOO:NASDAQ), which is focused […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-167487","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/167487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=167487"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/167487\/revisions"}],"predecessor-version":[{"id":167503,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/167487\/revisions\/167503"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=167487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=167487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=167487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}