Medical diagnostic products firm T2 Biosystems Inc (NASDAQ:TTOO) has announced that its result for the full year of 2017 and for last year’s fourth quarter will be released on March 6, 2018 upon the close of the market. Investors will also be invited to a conference call aimed at discussing not just the financial results but also other business developments.
This comes in the wake of T2 Biosystems disclosing that it has been awarded a grant by CARB-X amounting to $2 million. The grant is expected to assist T2 Biosystems in developing new tests that are used in identifying resistance markers and bacterial pathogens in blood at a faster rate compared to what is currently possible using the diagnostic tools of today.
Unreliable and slow
Existing diagnostics of today are dependent on blood cultures which is done in clinical labs. These diagnostics are not only time-consuming but the results produced are not always reliable. Because of the inability to have patients put on targeted antibiotic therapy fast enough this leads to antibiotic overuse and higher mortality.
The grant will see the product line of T2DX Instrument expanded as it will be able to detect an extra 20 resistance targets and bacterial species. Special focus will be placed on pathogens that are blood borne especially those that are on the antibiotic resistance list of the Center for Diseases Control and Prevention.
“The collaboration with CARB-X will accelerate the development of diagnostic tests to identify major bacterial species and resistance genes faster than ever … We believe these diagnostic advances will also support the development of new antibiotics by accelerating clinical trials,” T2 Biosystems chief executive officer and president, John McDonough, said.
According to CARB-X’s executive director, Kevin Outterson, the ability of rapidly diagnosing and treating drug-resistance bacteria will lead to the saving of lives since doctors will be able to effectively and quickly treat patients. The mission of CARB-X is to fight the growing threat posed by antimicrobial resistance as well as drive antibacterial innovation. CARB-X is under the joint leadership of U.S. government agency BARDA and U.K. charity Wellcome Trust. Initially T2 Biosystems will be awarded $1.1 million and $0.9 million will possibly be added later if and when certain project milestones are achieved.