T2 Biosystems Receives Multiyear Innovative Technology Contract from Vizient, Inc.
March 19 2020 - 8:00AM
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid
detection of sepsis-causing pathogens, today announced that it was
awarded an Innovative Technology contract from Vizient, Inc., the
largest member-driven health care performance improvement company
in the country, covering its T2Dx® Instrument, as well as the
T2Bacteria® and T2Candida® Panels, that detect sepsis-causing
bacterial and fungal pathogens directly from whole blood.
The contract was based on a recommendation of the T2Dx
Instrument by clinical experts in this category who serve on one of
Vizient’s member-led councils. Vizient awards Innovative Technology
contracts for technologies that demonstrate an ability to enhance
clinical care and reduce the risk of harm to patients or providers,
while simultaneously raising the standard of patient care and
safety.
“This multi-year agreement with the nation’s largest group
purchasing organization demonstrates the value that T2 Biosystems’
unique technology confers to patients who are suspected of having
sepsis,” said President and Chief Executive Officer John Sperzel.
“T2 Biosystems is the only Company with solutions that can detect
sepsis-causing pathogens, directly from whole blood, in hours
instead of days. With the mortality of patients in septic shock
rising by eight percent every hour they are not on targeted
treatment, the need for hospitals to have more effective rapid
diagnostics that enable earlier targeted therapy integrated into
their infection management protocol is essential.”
The new contract provides Vizient members access to broader
exposure and contracted pricing for the T2Dx® Instrument and its
corresponding panels that detect sepsis-causing bacterial and
fungal pathogens.
Vizient serves a wide range of health care organizations that
represent a combined purchasing volume of approximately $100
billion annually and includes more than 50 percent of the nation’s
acute care hospitals, 95 percent of all academic medical centers
and 20 percent of the country’s ambulatory market.
“Hospitals and providers are continuously looking for innovative
solutions that demonstrate an ability to enhance clinical care or
patient safety, and those that improve an organization’s care
delivery and business model,” said Debbie Archer, director of
procurement and leader of the Vizient Innovative Technology program
for suppliers. “After a full review of T2Dx Instrument, Vizient’s
member council agreed this solution offers an incremental benefit
over other products and recommended it for an innovative technology
contract.”
About T2 Biosystems T2 Biosystems, a
leader in the rapid detection of sepsis-causing pathogens, is
dedicated to improving patient care and reducing the cost of care
by helping clinicians effectively treat patients faster than ever
before. T2 Biosystems’ products include the T2Dx® Instrument,
T2Candida® Panel, the T2Bacteria® Panel, and the T2ResistanceTM
Panel and are powered by the proprietary T2 Magnetic Resonance
(T2MR®) technology. T2 Biosystems has an active pipeline of future
products, including products for the detection of additional
species and antibiotic resistance markers of sepsis pathogens, and
tests for Lyme disease.
Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
contained in this press release that do not relate to matters of
historical fact should be considered forward-looking statements,
including, without limitation, statements regarding additional
patients, timing of testing patients, anticipated product benefits,
strategic priorities, product expansion or opportunities, growth
expectations or targets, timing of FDA filings or clearances and
anticipated operating expenses, as well as statements that include
the words “expect,” “intend,” “plan”, “believe”, “project”,
“forecast”, “estimate,” “may,” “should,” “anticipate,” and similar
statements of a future or forward looking nature. These
forward-looking statements are based on management's current
expectations. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to, (i) any
inability to (a) realize anticipated benefits from commitments,
contracts or products; (b) successfully execute strategic
priorities; (c) bring products to market; (d) expand product usage
or adoption; (e) obtain customer testimonials; (f) accurately
predict growth assumptions; (g) realize anticipated revenues; (h)
incur expected levels of operating expenses; or (i) increase the
number of high-risk patients at customer facilities; (ii) failure
of early data to predict eventual outcomes; (iii) failure to make
or obtain anticipated FDA filings or clearances within expected
time frames or at all; or (iv) the factors discussed under Item 1A.
"Risk Factors" in the company's Annual Report on Form 10-K for the
year ended December 31, 2018, filed with the U.S. Securities and
Exchange Commission, or SEC, on March 14, 2019, and other filings
the company makes with the SEC from time to time. These and other
important factors could cause actual results to differ materially
from those indicated by the forward-looking statements made in this
press release. Any such forward-looking statements represent
management's estimates as of the date of this press release. While
the company may elect to update such forward-looking statements at
some point in the future, unless required by law, it disclaims any
obligation to do so, even if subsequent events cause its views to
change. Thus, no one should assume that the Company’s silence over
time means that actual events are bearing out as expressed or
implied in such forward-looking statements. These forward-looking
statements should not be relied upon as representing the company's
views as of any date subsequent to the date of this press
release.
Media Contact: Gina Kent, Vault
Communications gkent@vaultcommunications.com 610-455-2763
Investor Contact: Philip Trip Taylor, Gilmartin
Group philip@gilmartinIR.com 415-937-5406
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