T2 Biosystems (TTOO) Stock Runs On COVID-19 License

T2 Biosystems TTOO Stock News

T2 Biosystems Inc (NASDAQ: TTOO) is yet another stock gaining in multiples this morning after announcing COVID-19 related news. The company announced a worldwide licensing agreement for a technology associated with coroavirus. Here’s what’s going on:

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TTOO Stock Is Jumping On License Agreement

In the release, T2 Biosystems announced that it has entered into a worldwide license agreement for a COVID-19 rapid test. The test was developed by the Center of Discovery and Innovation at Hackensack Meridian Health. Hackensack Meridian Health is New Jersey’s largest and most comprehensive health network.

TTOO said that the licensed assay has been used by healthcare professionals within the network under the United States FDA’s Emergency Use Authorization.

According to the terms of the agreement, T2 Biosystems will adapt the coronavirus test in order to make it possible to run with the T2Dx Instrument. This is the same instrument used for the FDA-cleared T2Bacteria and T2Candida Panels.

The company also said that Hackensack Meridian Helath will also adopt the T2Dx Instrument and test panels within its Center of Discover and Innovation.

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

This agreement combines our FDA-cleared T2Dx platform with our joint scientific expertise to benefit patients at risk for both primary coronavirus infections, as well as associated secondary infections that may lead to sepsis. Data from prior flu pandemics indicated bacterial co-infection rates as high as 29%, and sepsis rates above 30% among patients admitted to hospital intensive care units. The ability to detect coronavirus and associated secondary bacterial or fungal infections that may lead to sepsis, without the need to wait days for a diagnostic result, allows clinicians to achieve targeted therapy faster, and can lead to reduced length of stay in the intensive care unit, freeing up beds for incoming patients.

The above statement was followed up by Robert C. Garrett, FACHE, CEO at Hackensack Meridian Health, had the following to offer:

Our scientists at the Center for Discovery and Innovation have given our health network a crucial tool to treat patients in real-time. We are pleased to license the technology to T2 Biosystems and also adopt the T2Dx platform.

Why Investors Are So Excited

There’s good reason to be excited here. T2 Biosystems is on the cusp of something big. The truth of the matter is that the coronavirus is no laughing matter. But I don’t have to tell you that.

You’ve seen stores, churches, and events close. You’ve seen life change across the country and around the world. You know just how serious this condition is.

Considering that, the first step to putting an end to a pandemic is reliable diagnostic testing. The test licensed by TTOO has already been approved for emergency use by the FDA, and is already in use.

That means that the regulatory hurdles are already all taken care of.

So, TTOO has licensed a commercial-ready technology, will adapt it to work with its own technology, and will likely have it on the market incredibly quickly. This is a huge opportunity.

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