Benzinga | Sep 30, 2020 09:01AM EDT

T2 Biosystems Announces BARDA Exercise Of Contract Option 1 Valued At $10.5M

LEXINGTON, Mass., Sept. 30, 2020 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc.(NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens, announced today that the Biomedical Advanced Research and Development Authority (BARDA), part of the office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services, has exercised its first contract option valued at $10.5 million.



The first option was exercised under the multi-year contract between BARDA and T2 Biosystems, valued at up to $69.0 million if all options are exercised, following the Company's successful completion of the base option to further advance the development of the following products:

* A direct-from-blood panel to detect biothreat pathogens such asB. anthracis,F.tularensis, Y. pestis, Burkholderiaspp.,and R. prowazekii

* A direct-from-blood panel to cover up to 99% of all bloodstream infections by means of ?36 reported results, including pan-Gram positive and pan-Gram negative results (detecting >250 species), in addition to resistance genes associated with the bloodborne antibiotic resistant threats identified by theCenters for Disease Control and Prevention(CDC)

* A next-generation high-throughput instrument

"The continued funding and support from BARDA reflects a commitment to public-private partnerships that have the potential to advance life-saving technology and protect our nation," stated John Sperzel, President and Chief Executive Officer at T2 Biosystems. "The current COVID-19 pandemic has highlighted the importance of rapid diagnostic tests. Our BARDA partnership provides an opportunity to transform the diagnosis and management of bloodstream infections, reduce antimicrobial resistance, and improve patient outcomes."

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.