LEXINGTON, Mass. - T2 Biosystems, Inc. (NASDAQ:TTOO), announced its intention to partner with ECO Laboratory to enhance Lyme disease diagnostics. The non-binding letter of intent, revealed on Tuesday, sets the stage for a strategic collaboration aimed at deploying the T2Lyme Panel, a novel test for early Lyme disease detection.
Karen Weeks, the founder of ECO Laboratory, brings extensive experience in Lyme disease research to the partnership. Having co-authored numerous publications and developed a sensitive serology test for Lyme disease, Weeks' expertise is expected to be instrumental in the joint venture.
The T2Lyme Panel is designed to detect Borrelia burgdorferi, the bacterium responsible for Lyme disease, directly from blood samples. This approach could offer a significant improvement over the current two-tiered antibody test, which requires four to eight weeks post-infection to yield accurate results. T2 Biosystems asserts that their test could detect Lyme disease within the first 30 days of infection, potentially addressing a critical need for earlier diagnosis.
With Lyme disease being the most prevalent vector-borne illness in the U.S., the potential impact of a more sensitive and timely test could be considerable. T2 Biosystems is currently finalizing the test's validation and verification, aiming for a product launch in the third quarter of 2024.
Details of the definitive agreement with ECO Laboratory will be announced upon execution. This collaboration is part of T2 Biosystems' broader commitment to improving patient care by enabling faster and more effective treatment through advanced diagnostics.
The information in this article is based on a press release statement from T2 Biosystems, Inc.
InvestingPro Insights
As T2 Biosystems, Inc. (NASDAQ:TTOO) advances its efforts in improving Lyme disease diagnostics through a potential partnership with ECO Laboratory, it's crucial for investors to consider the financial health and market performance of the company. According to InvestingPro data, T2 Biosystems has a market capitalization of 31.92 million USD, which reflects its size in the competitive biotech landscape.
InvestingPro Tips highlight that T2 Biosystems operates with a significant debt burden and is quickly burning through cash, which are important factors for investors to monitor, especially as the company pursues new strategic collaborations. Additionally, the company has not been profitable over the last twelve months, and analysts do not anticipate it will be profitable this year. These insights are crucial as they may impact the company's ability to invest in research and development and bring new products to market.
From a performance standpoint, T2 Biosystems has seen a significant return over the last week with a 1 Week Price Total Return of 8.2%, and an even more substantial return over the last month at 28.27%. However, the longer-term outlook shows a price that has fallen significantly over the last year, with a 1 Year Price Total Return of -87.27%.
Investors interested in a deeper dive into T2 Biosystems' financials and market performance can explore additional InvestingPro Tips, which provide a comprehensive analysis. There are 12 more InvestingPro Tips available, offering insights that could guide investment decisions. For those looking to access these valuable tips, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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