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The infectious disease diagnostics firm secured eight new contracts covering 18 hospital in the US and Europe during the fourth quarter.
The infectious disease diagnostics firm will initially receive $40 million from CRG, most of which will go towards paying down existing debt.
A hospital study demonstrated an average total cost saving of around $25,000 for each patient with candidemia.
T2 and Allergan will develop a novel diagnostic panel for the detection of Gram-negative bacterial species and antibiotic resistance in patients with bacterial infections.
T2 said it's in a strong position to achieve planned portfolio milestones over the next two years, including submitting its next test for FDA clearance next year.
The test is based on a biomarker signature that consists of a core set of 31 genes associated with endotoxin tolerance in sepsis patients.
Despite the array of tests available, some lab directors are still seeking broader functionalities and capabilities from the systems they purchase.
The deal gives Bayer access to the T2 Magnetic Resonance technology for drug discovery and biomarker research in certain hemostasis programs.
The recent approvals underscore the usefulness of procalcitonin as a sepsis biomarker, even as newer molecular approaches to diagnosing the condition hit the market.