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The Lexington, Massachusetts-based company has launched a two-hour SARS-CoV-2 test on its fully-automated instrument, the T2Dx.
In April the firm received notice that it wasn't in compliance because its common stock didn't maintain a minimum bid price of $1.00 for 30 consecutive business days.
In the quarter T2 signed a licensing agreement for SARS-CoV-2 assay development and a purchasing agreement with Vizient.
The Lexington, Massachusetts-based company also terminated a purchase agreement and raised the amount in it may raise in a public offering of its common stock to $95.
The firm licensed the assay for detecting SARS-CoV-2 from Hackensack Meridian Health and will adapt it for the T2Dx instrument.
Leadership aims to lower cost of goods and real estate footprint, while driving test utilization by targeting clinicians.
The firm placed 45 of its T2Dx diagnostics instruments in 2019, but plans to reduce that number in 2020 to focus on instrument utilization.
The firm also announced an exclusive distribution deal covering Israel for its T2 Resistance, T2Bacteria, and T2Candida panels
The T2Resistance Panel, which runs on the T2Dx instrument, detects 13 genes conferring antimicrobial resistance directly from whole blood in three to five hours.
Due to a ransom cyberattack on its information technology systems, the firm reported full revenue but only preliminary earnings estimates.