T2 Biosystems (TTOO) Stock Rockets On COVID-19 News

T2 Biosystems TTOO Stock News

T2 Biosystems Inc (NASDAQ: TTOO) is making a run for the top in the market today, gaining more than 50% early on. The gains come after the company announced the launch of a COVID-19 diagnostics test. Here’s what’s happening:

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TTOO Stock Flies On COVID-19 Testing Product Launch

In a press release issued early this morning, T2 Biosystems announced that it has completed the validation of its COVID-19 moleculary diagnostic test known as the T2SARS-CoV-2 Panel.

The test was developed by TTOO under a license agreement with the Center of Discovery and Innovation at Hackensack Meridian Health. As a result of meeting validation requirements, the COVID-19 testing kit is being commercialized in the EU and a request to commercialize is being sent to the FDA for a United States launch.

In the release, the company said that clinical testing of known positive and negative patient samples showed a sensitivity of 95% and specificity of 100%.

In a statement, John Sperzel, Presdient and CEO at TTOO, had the following to offer:

We are proud to announce the U.S. launch of our molecular diagnostic test, the T2SARS-CoV-2 Panel, which has demonstrated excellent clinical performance. Adding this test to our existing sepsis-related portfolio illustrates our commitment to transformative diagnostics that improve the lives of patients. Given the susceptibility of critically-ill COVID-19 patients to develop bacterial or fungal co-infections and secondary infections that can lead to sepsis, we believe our platform can be used to identify acute COVID-19 infections, and optimize outcomes for patients under intensive care.

This Is Big News

The news issued by T2 Biosystems is overwhelmingly positive. The fact of the matter is that no matter how you slice it, COVID-19 is coming back and hitting hard as the United States economy reopens.

Testing is an important tool in the fight against the pandemic, and while there are plenty of testing options out there, there still are not enough tests available to meet demand 100%. As such, demand for the company’s testing kit will likely be high in Europe, and once approved, in the United States as well.

With the launch of the test and likely strong demnad that it will be met with, we can expect to see strong sales. As such, TTOO stock is one to watch closely.

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