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The firm also more than tripled its product sales year over year, and its CEO said he considered the quarter to be "transformational."
The option was exercised under a multiyear contract between T2 Bio and BARDA valued at a total of $69 million if all options are exercised.
T2 Bio's T2SARS-CoV-2 Panel detects SARS-CoV-2 within two hours using a nasopharyngeal swab sample and runs on the firm's T2Dx instrument.
The company's RaPID platform detects infections directly from a blood sample and can provide results in three hours.
The firm reissued its full-year guidance and said it expects to sell 60 instruments in the US for the remainder of the year.
News items for the in vitro diagnostics industry for the week of August 3, 2020.
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.