Benzinga | May 6, 2021 04:34PM EDT

T2 Biosystems Reports Co. Modified Terms Of Existing Contract With Biomedical Advanced Research and Development Authority (BARDA) To Accelerate Development Of Multiple Products Being Funded Under Contract

T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens, announced today that the Company has modified the terms of its existing contract with 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, to accelerate the development of multiple products that are being funded under the contract.

The multi-year contract between BARDA and T2 Biosystems is valued at up to $69.0 million if all options are exercised. T2 Biosystems is accelerating product development by modifying the contract to advance future deliverables into the currently funded Option 1 of the contract, which commenced in September 2020 and is planned to conclude in October 2021, for the following products:

* T2Biothreat: a direct-from-blood panel designed to detect biothreat pathogens such as B. anthracis, F.tularensis, Y. pestis, Burkholderia spp., and R. prowazekii, and to run on the FDA-cleared T2Dx Instrument

* T2Resistance: a direct-from-blood panel designed to detect antibiotic resistance genes associated with sepsis causing pathogens, and to run on the FDA-cleared T2Dx Instrument

* A direct-from-blood comprehensive sepsis panel designed to detect up to 99% of bloodstream infections by means of ?36 reported results, including pan-Gram positive and pan-Gram negative results (detecting approximately250 species), in addition to resistance genes associated with the bloodborne antibiotic resistant threats identified by the Centers for Disease Control and Prevention (CDC), and to run on the next-generation instrument

* A next-generation instrument designed to process panels with broader pathogen detection and resistant genes.

"We continue to make excellent progress under the BARDA contract aimed at developing new products that have the potential to protect our nation from biothreats and transform the diagnosis and management of bloodstream infections that can cause sepsis," stated John Sperzel, President and Chief Executive Officer at T2 Biosystems. "We are working closely with the team at BARDA to realize our goal of saving lives, reducing antimicrobial resistance, and improving patient and healthcare 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.