This healthcare diagnostics stock rose more than 88% on Wednesday following the award of a BARDA contract that could be worth up to $69 million.
On Wednesday morning, T2 BioSystems Inc. (TTOO:NASDAQ)announced receipt of funding from the U.S. Department of Health and Human Service's Biomedical Advanced Research and Development Authority (BARDA) to advance technology for diagnosis and treatment of bloodstream infections.
The initial phase of the milestone-based contract is worth $6 million, with a potential value of up to $69 million if all contract options are exercised.
The goal of the contract is to, "enable a significant expansion of the company's current portfolio of diagnostics for sepsis-causing pathogens and antibiotic-resistance genes," and to "reduce the growing threat of antimicrobial resistance."
The Massachusetts-based medical diagnostics company uses a unique T2 Magnetic Resonance detection technology to identify sepsis-causing pathogens as quickly as possible to enable faster treatment. T2 Biosystems states that its "blood tests provide actionable results in just 3-5 hours. The only other way to identify the species-specific diagnosis requires a blood culture, which can take 1-5 days or more."
Shares reached $2.69 during Wednesday trading, up more than 88% from the prior day's close of $1.43.
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