TTOO stock rose 7% in after-hours trading on January 9, 2020, after the company announced a new distribution agreement.

T2 Biosystems announced that it entered into an exclusive distribution agreement that allows it to introduce the T2Resistance, T2Bacteria, and T2Candida Panels.

This new distribution agreement has the potential to expand in Israel, a country with more than 40 target hospitals. With this expansion, T2 technology is now available in 36 countries outside of the United States. Incoming T2 Biosystems President and CEO, John Sperzel, who assumed the role on January 8, said, “T2’s breakthrough ability to detect and identify dangerous pathogens directly from a blood sample is unique in the industry, and represents a significant opportunity to improve the care of patients suspected of sepsis. The Company passed some fundamental milestones in the second half of 2019, and I look forward to working with the talented T2 team to drive adoption and continued growth of our business.”

T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the development of innovative diagnostic products for critical unmet needs in healthcare, today announced preliminary revenue and business results for the three months ended December 31, 2019.

Preliminary Fourth Quarter Financial Performance Highlights

Fourth quarter total revenue of approximately $3.0 million, an increase of 67% compared to the prior year period.
Fourth quarter product revenue of approximately $1.5 million, an increase of 15% compared to the prior year period.
Fourth quarter research and grant contribution revenues of approximately $1.5 million.
Secured contracts for 10 T2Dx Instruments in the fourth quarter.
“We ended the year with positive momentum in our business, with the addition of new customers and expansion of patient testing at existing customers, a clear sign that the value of our products is being realized,” said John McDonough, chairman of T2 Biosystems. “In November, we secured CE Mark for the T2Resistance™ Panel, providing another potential growth catalyst for 2020 along with NTAP reimbursement for T2Bacteria®, our multi-million dollar government contract, and a new group purchasing (GPO) contract with Premier. This is all against a backdrop of continued high mortality rates, hospital costs, and overutilization of antibiotics that are often unnecessary and associated with conventional methods of diagnosing bloodstream infections, underscoring the growth opportunity for our tests.”

Additional Preliminary Financial Results

In the fourth quarter of 2019, the Company raised $4.8 million net proceeds from the sale of 3.8 million shares through its ATM facility and has not utilized its $30.0 million equity credit line.
As of December 31, 2019, the Company had cash and cash equivalents of $11.0 million.
Complete fourth quarter and full year 2019 financial results will be announced with the company’s fourth quarter financial highlights and corporate update press release and conference call. The Company’s fourth quarter and full year 2019 financial results are preliminary and are subject to the completion of the Company’s 2019 audit.

The Company also announced that it entered into an exclusive distribution agreement that allows it to introduce the T2ResistanceTM, T2Bacteria®, and T2Candida® Panels. This new distribution agreement has the potential to expand in Israel, a country with more than 40 target hospitals. With this expansion, T2 technology is now available in 36 countries outside of the United States.

Incoming T2 Biosystems President and CEO, John Sperzel, who assumed the role on January 8, said, “T2’s breakthrough ability to detect and identify dangerous pathogens directly from a blood sample is unique in the industry, and represents a significant opportunity to improve the care of patients suspected of sepsis. The Company passed some fundamental milestones in the second half of 2019, and I look forward to working with the talented T2 team to drive adoption and continued growth of our business.”

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, 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.

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