World News: 14:30 GMT Wednesday 11th September 2019. [T2 Biosystems, Inc. via Globe Newswire via SPi World News]
LEXINGTON, Mass., Sept. 11, 2019 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO) an emerging leader in the development and commercialization of innovative medical diagnostic products for critical unmet needs in healthcare, announced today that it has been awarded a milestone-based contract of initial value of $6 million with a potential value of up to $69 million, if all contract options are exercised, from the Biomedical Advanced Research and Development Authority (BARDA), within the Office of the Assistant Secretary for Preparedness and Response (ASPR) at the U.S. Department of Health and Human Services’ (HHS).
The contract will enable a significant expansion of the Company’s current portfolio of diagnostics for sepsis-causing pathogens and antibiotic-resistance genes, which are designed to improve patient outcomes and reduce the growing threat of antimicrobial resistance. This contract will fund development through U.S. Food & Drug Administration (FDA) submission of new direct-from-blood diagnostic panels that will be run on the T2Dx Instrument and the development of a next generation T2Dx Instrument:
“By providing same-day results, T2 Biosystems’ existing technology has made a significant impact on therapy decisions, and this next generation of innovations has the potential to expand on this progress,” said Dr. Minh-Hong Nguyen, Professor of Medicine and Clinical & Translational Science Institute, University of Pittsburgh, and Director, Transplant Infectious Diseases and Antimicrobial Management Program of the University of Pittsburgh Medical Center. “With much more comprehensive coverage of the causative pathogens of bloodstream infections, this technology has the potential to rapidly and accurately diagnose and identify common bacterial causes of BSIs, and allow physicians to get patients started on appropriate therapy much sooner. It is a potential game changer for the way we practice medicine.”
“We are incredibly grateful to BARDA for this contract, which will allow us to continue to innovate, advance our product pipeline, and look forward to our public-private partnership with BARDA,” said John McDonough, chairman and chief executive officer of T2 Biosystems. “More importantly, we are looking forward to the opportunity to develop more technology that will truly transform the way bloodstream infections are diagnosed and managed and to continue to provide new advanced tools for improved antibiotic stewardship so that we can help save more lives and provide clinicians with the information they need to help prevent sepsis.”
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 No. 75A50119C00053.
Media Contact:Gina Kent, Vault Communications 610-455-2763
Investor Contact:Zack Kubow, W2O Group415-658-6436
Globe Newswire: 14:30 GMT Wednesday 11th September 2019
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