Company Overview of T2 Biosystems, Inc.
T2 Biosystems, Inc., an in vitro diagnostics company, develops diagnostic products and product candidates in the United States. It provides T2 Magnetic Resonance platform that enables detection of pathogens, biomarkers, and other abnormalities in various unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, and urine. The company also offers T2Dx, a bench-top instrument for sepsis, Lyme disease, and other applications, as well as T2Candida panel for the detection of candida species in human whole blood specimens. In addition, it is developing T2Bacteria, a multiplex diagnostic panel that detects various bacterial pathogens associated with sepsis; T2Lyme for t...
101 Hartwell Avenue
Lexington, MA 02421
Founded in 2006
Key Executives for T2 Biosystems, Inc.
Chief Executive Officer, President and Director
Total Annual Compensation: $425.0K
Chief Medical Officer
Total Annual Compensation: $228.4K
Chief Commercial Officer
Total Annual Compensation: $59.8K
Chief Scientific Officer
Total Annual Compensation: $274.3K
Compensation as of Fiscal Year 2015.
T2 Biosystems, Inc. Key Developments
T2 Biosystems, Inc. Presents at 2016 Canaccord Genuity Medical Technology & Diagnostics Forum, Nov-17-2016 02:00 PM
Nov 3 16
T2 Biosystems, Inc. Presents at 2016 Canaccord Genuity Medical Technology & Diagnostics Forum, Nov-17-2016 02:00 PM. Venue: Westin Grand Central, 212 East 42nd Street, New York, New York, United States. Speakers: John P. McDonough, Chief Executive Officer, President and Director, Shawn Lynch, Chief Financial Officer.
Allergan & T2 Biosystems Team Up to Develop Bacteria-Detecting Diagnostic Panel
Nov 2 16
T2 Biosystems announced that it formed a collaboration with Allergan (AGN) to develop the first blood-based diagnostic panel for the detection of Gram-negative bacterial species. The new diagnostic panel would also be used to detect antibiotic resistance in patients with severe bacterial infections, including infections that lead to sepsis. Under the terms of the collaboration, T2 Biosystems, Inc. will receive $4 million in milestone payments from Allergan and T2 will retain exclusive worldwide distribution rights for all products developed via the partnership.
T2 Biosystems, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Fourth Quarter of 2016
Nov 1 16
T2 Biosystems, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total revenue of $1,084,000 against $1,049,000 a year ago. Loss from operations was $11,945,000 against $11,165,000 a year ago. Net loss and comprehensive loss was $12,783,000 or $0.51 basic and diluted per share against $11,644,000 or $0.57 basic and diluted per share a year ago.
For the nine months, the company reported total revenue of $3,171,000 against $1,802,000 a year ago. Loss from operations was $37,972,000 against $31,840,000 a year ago. Net loss and comprehensive loss was $40,255,000 or $1.64 basic and diluted per share against $33,258,000 or $1.64 basic and diluted per share a year ago.
The company provided earnings guidance for the fourth quarter of 2016. The company anticipates higher product revenue in the fourth quarter of 2016 from the testing of more patients with T2Candida than was realized in the first three quarters of 2016, primarily as a result of additional hospitals going live and the increased use of the T2Candida Panel at institutions that are already testing patients. Total product revenue could show flat to nominal growth due to fewer instrument sales expected in the fourth quarter. Research revenue is expected to be comparable to what was realized in the third quarter of 2016. The company anticipates total operating expenses for the fourth quarter of 2016 to be between $11.3 million and $11.8 million, of which approximately $1.7 million is non-cash expenses, which are primarily depreciation and stock compensation expense.
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September 21, 2016