T2 Biosystems, Inc., operating under the ticker symbol TTOO, announced on Monday that it received an updated 510(k) clearance from the Food and Drug Administration (FDA) for its broadened T2Bacteria Panel, sparking a notable 26% jump in stock price.
The enhanced panel now comes equipped with the ability to discover Acinetobacter baumannii, a bacterial species frequently linked to bloodstream infections. These infections pose a significant threat to critically ill patients and could result in fatal outcomes if not adequately treated.
John Sperzel, Chairman and CEO of T2 Biosystems, articulated the value of the company's recent addition, stating, "The inclusion of A. baumannii improves the functionality of the T2Bacteria Panel, encompassing around 75% of bacteria causing sepsis found in bloodstream infections."
The firm pointed out that the T2Bacteria Panel remains the only FDA approved product capable of identifying pathogens causing sepsis directly from whole blood within a quick span of 3 to 5 hours. This is a vast improvement from conventional methods that depend on bacterial growth in blood cultures, which can take days to produce a positive result.
Currently, TTOO's shares are trading on the Nasdaq for $6.19, an increase of 26.58% or $1.30 per share. Over the past year, its share price has fluctuated between $3.36 and $142.00.
