T2 Biosystems Awarded Breakthrough Technology Contract with Premier Inc.
LEXINGTON, Mass., Sept. 10, 2019 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the development of innovative diagnostic products for critical unmet needs in healthcare, announced today that Premier Inc., a healthcare improvement company, as part of their Technology Breakthroughs program, has awarded the Company a Breakthrough Technology contract.
The agreement will allow Premier’s members, including a network of more than 4,000 U.S. hospitals and health systems, to receive special pricing and access to T2 Biosystems’ T2Bacteria® Panel and T2Candida® Panel – groundbreaking technology that can rapidly detect sepsis-causing pathogens in three to five hours instead of days – to foster fast, accurate therapy of bloodstream infections.
“Bloodstream infections can lead to sepsis if they are not diagnosed and treated early on, which can be very serious because sepsis is associated with high mortality rates. As a result, our rapid diagnostic panels are essential for improving patient outcomes,” said John McDonough, chairman and chief executive officer at T2 Biosystems. “We appreciate the support from Premier through our new agreement, which is yet another important step toward increasing the availability of T2 Biosystems’ technology to patients throughout the nation who are in need of a better solution for diagnosing and managing bloodstream infections.”
The Company also recently announced that its T2Bacteria Panel is the first and only in-vitro diagnostic test to receive approval for a New Technology Add-on Payment by the United States Centers for Medicare & Medicaid Services (CMS).
In addition to improving patient outcomes, the T2Bacteria and T2Candida panels have the potential to help expedite de-escalation of antimicrobial therapy when appropriate, reducing the growing threat of antimicrobial resistance and unnecessary hospital expenses, by providing crucial information that can influence the course of treatment early on in a patient’s journey.
The contract is effective as of September 1, 2019.
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, which was recently announced as the first and only in-vitro diagnostic test to receive approval for a New Technology Add-on Payment (NTAP) by CMS, 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.
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, or 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.
Gina Kent, Vault Communications
Zack Kubow, W2O Group