T2 Biosystems Named One of the Fastest-Growing Companies in Massachusetts
28 June 2019 - 9:30PM
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the development
of innovative diagnostic products for critical unmet needs in
healthcare, ranked #22 among the top 50 fastest growing public
companies in Massachusetts by the Boston Business Journal.
This recognition comes on the heels of several recent updates
announced by the Company regarding expanding capabilities of its
portfolio of groundbreaking rapid diagnostics and technology. This
includes presentations at the Biodefense World Summit 2019 and the
ASM Microbe 2019 earlier this month (video of presentations
available here and here, respectively). One of the key products
that was highlighted, the T2Bacteria® Panel, is the first and only
FDA-cleared test to identify sepsis-causing bacterial pathogens
directly from whole blood in 3 to 5 hours without the need to wait
for blood culture, allowing patients to be placed on targeted
antibiotic therapy faster. The T2Bacteria Panel is one of several
panels that are approved or in development that are run on the
Company’s T2Dx® Instrument, which is powered by miniaturized
magnetic resonance (T2MR®) technology.
“It’s not only an honor for the growth of our company to be
recognized by the Boston Business Journal editorial team, but it is
also a reflection of the increasing importance being placed
on seeking solutions to improve the management of bloodstream
infections and sepsis, which is one of the most common, costly and
deadly illnesses,” said John McDonough, president and chief
executive officer of T2 Biosystems. “Our technology serves as that
very solution due to its ability to more rapidly identify
sepsis-causing pathogens compared to blood culture-based
technologies. We are excited to be acknowledged as a leader in the
space and look forward to continuing to drive innovation that
enables improvements in patient outcomes.”
For patients in septic shock, rapid targeted treatment is
critical because it is estimated that each hour of delayed
treatment increases mortality risk nearly 8%, and as many as 80% of
sepsis deaths could be prevented with rapid diagnosis and
treatment. 1 Additionally, earlier targeted therapy can help offset
the costs associated with sepsis, such as length of stay and
readmission rates. Clinical data being generated by independent
clinical users demonstrates the T2Bacteria Panel’s ability to
benefit tested patients in the emergency department by providing
information that leads to more rapid time to delivery of effective
therapy, de-escalation of unnecessary therapy, and helping avoid
premature discharge and readmission to the emergency
department.
1 Kumar, A., et al, (2006). Duration of hypotension before
initiation of effective antimicrobial therapy is the critical
determinant of survival in human septic shock. Critical care
medicine, 34(6), 1589-1596.
The T2Bacteria Panel, which received U.S. Food and Drug
Administration (FDA) clearance in May 2018, is complemented by the
T2Candida® Panel, which is the first and only FDA-cleared direct
from whole blood diagnostic for detection of fungal pathogens that
are associated with sepsis.
The Company is also developing the T2Resistance™ Panel, which
was recently granted Breakthrough Device designation by the FDA and
is designed to detect 13 resistance genes from both gram-positive
and gram-negative pathogens directly from whole blood. Initial data
demonstrates that the T2Resistance Panel identifies these
resistance genes with an average time of 5.3 hours compared to an
average of 30 hours (and up to 95 hours) using conventional
methods. The T2Resistance Panel is expected to be available for
research use only (RUO) in the United States and receive CE-Mark
for commercial availability in Europe by the end of 2019.
The annual list from Boston Business Journal is based on
information obtained from Bloomberg Business News, Yahoo! Finance
and SEC filings, and ranks companies by revenue growth from 2016 to
2018.
About T2 Biosystems T2 Biosystems, a
leader in the development and commercialization of innovative
medical diagnostic products for critical unmet needs in healthcare,
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, and T2Bacteria® Panel and are powered by the
proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems
has an active pipeline of future products, including products for
the detection of additional species and antibiotic resistance
markers of sepsis pathogens, and tests for Lyme disease.
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 additional
patients, timing of testing patients, anticipated product benefits,
strategic priorities, product expansion or opportunities, growth
expectations or targets, timing of FDA filings or clearances and
anticipated operating expenses, 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, 2018, filed with the U.S.
Securities and Exchange Commission (SEC) on March 14, 2019, 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: Zack Kubow, W2O Group
zkubow@w2ogroup.com 415-658-6436
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