Contract recognizes products that bring improvements to the health care industry
LEXINGTON, Mass., March 19, 2020 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens, today announced that it was awarded an Innovative Technology contract from Vizient, Inc., the largest member-driven health care performance improvement company in the country, covering its T2Dx® Instrument, as well as the T2Bacteria® and T2Candida® Panels, that detect sepsis-causing bacterial and fungal pathogens directly from whole blood.
The contract was based on a recommendation of the T2Dx Instrument by clinical experts in this category who serve on one of Vizient’s member-led councils. Vizient awards Innovative Technology contracts for technologies that demonstrate an ability to enhance clinical care and reduce the risk of harm to patients or providers, while simultaneously raising the standard of patient care and safety.
“This multi-year agreement with the nation’s largest group purchasing organization demonstrates the value that T2 Biosystems’ unique technology confers to patients who are suspected of having sepsis,” said President and Chief Executive Officer John Sperzel. “T2 Biosystems is the only Company with solutions that can detect sepsis-causing pathogens, directly from whole blood, in hours instead of days. With the mortality of patients in septic shock rising by eight percent every hour they are not on targeted treatment, the need for hospitals to have more effective rapid diagnostics that enable earlier targeted therapy integrated into their infection management protocol is essential.”
The new contract provides Vizient members access to broader exposure and contracted pricing for the T2Dx® Instrument and its corresponding panels that detect sepsis-causing bacterial and fungal pathogens.
Vizient serves a wide range of health care organizations that represent a combined purchasing volume of approximately $100 billion annually and includes more than 50 percent of the nation’s acute care hospitals, 95 percent of all academic medical centers and 20 percent of the country’s ambulatory market.
“Hospitals and providers are continuously looking for innovative solutions that demonstrate an ability to enhance clinical care or patient safety, and those that improve an organization’s care delivery and business model,” said Debbie Archer, director of procurement and leader of the Vizient Innovative Technology program for suppliers. “After a full review of T2Dx Instrument, Vizient’s member council agreed this solution offers an incremental benefit over other products and recommended it for an innovative technology contract.”
About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens, 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, the T2Bacteria® Panel, and the T2ResistanceTM 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.
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
Philip Trip Taylor, Gilmartin Group
Source: T2 Biosystems, Inc.