T2 Biosystems Announces BARDA Exercise of Contract Option 2B Valued at $4.4 Million
Advances U.S. Clinical Trials for T2Biothreat and T2Resistance and Continued Development of Next-Generation Diagnostics for the Detection of Bloodstream Infections and Antimicrobial Resistance
LEXINGTON, Mass., March 31, 2022 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, announced today that the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services, is providing an additional $4.4 million in funding for the multiple-year cost-share contract between BARDA and T2 Biosystems. The total potential BARDA funding if all contract options are exercised is $69.0 million.
The additional funding will be used to advance the U.S. clinical trials for the T2Biothreat® Panel and T2Resistance® Panel, and to advance the development of the Company’s comprehensive panel for the detection of bloodstream infections and antimicrobial resistance, and next-generation instrument.
- T2Biothreat® Panel: a direct-from-blood test panel designed to run on the T2Dx Instrument and simultaneously detect six biothreat pathogens, including: Bacillus anthracis, Francisella tularensis, Burkholderia mallei, Burkholderia pseudomallei, Yersinia pestis, and Rickettsia prowazekii.
- T2Resistance® Panel: a direct-from-blood test panel designed to run on the T2Dx Instrument and simultaneously detect thirteen antibiotic resistance genes from both Gram-positive and Gram-negative bacterial pathogens, which are known to cause antibiotic-resistant infections.
- Comprehensive panel for the detection of bloodstream infections and antimicrobial resistance: a direct-from-blood test panel designed to run on our next-generation instrument and detect greater than 95% of all bloodstream infections caused by bacterial and Candida pathogens, as well as antibiotic resistance markers identified as threats by the Centers for Disease Control and Prevention, in a single test with a time to result of approximately 3 hours.
- Next-generation instrument: a fully automated, random-access, high-throughput instrument designed in parallel with the comprehensive panel for the detection of bloodstream infections and antimicrobial resistance from a single whole blood sample.
"We are pleased to have initiated U.S. clinical trials for both the T2Biothreat Panel and T2Resistance Panel in December 2021, enabling potential filing of FDA submissions for both products during 2022,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “The products being developed and advanced toward commercialization have the potential to transform the detection of sepsis-causing pathogens, reduce the threat of antimicrobial resistance, and protect the nation from biothreat pathogens.”
This project has been funded in whole or in part with federal funds from the Department of Health and Human Services; Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority, under contract number 75A50119C00053.
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, T2Bacteria® Panel, T2Candida® Panel, T2Resistance® Panel, and T2SARS-CoV-2™ Panel and are powered by the Company’s proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including the T2Cauris™ Panel, T2Lyme™ Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, and biothreat pathogens.
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 full value of the BARDA contract, the development of products under that contract, and the potential benefit of those products with respect to the diagnosis and management of bloodstream infections, antimicrobial resistance, and patient outcomes, 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, 2020, filed with the U.S. Securities and Exchange Commission, or SEC, on March 31, 2021, 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.
Meagan Dominick, Vault Communications
Philip Trip Taylor, Gilmartin Group