BARDA agreement to provide up to $69M for T2 Biosystems

T2 Biosystems said that it has entered an agreement with the Biomedical Advanced Research and Development Authority (BARDA) of the US Department of Health and Human Services. Under the terms of the agreement, T2 Bio may receive up to $69 million to support further development of its portfolio of diagnostics for sepsis-causing pathogens and antibiotic-resistance genes.

T2 Bio said that the BARDA funding could support development of a diagnostics portfolio that includes its direct-from-blood panel for detection of biothreat pathogens, such as B. anthracis, F. tularensis, Burkholderia spp., Y. pestis, R. prowazekii, and toxin genes; a separate panel that is expected to cover 99 percent of all bloodborne bacterial infections by means of greater than 36 reported results; and a next-generation high-throughput instrument.

The BARDA Agreement is a cost-sharing contract that consists of an initial base period and seven option periods that BARDA may exercise in its sole discretion and that are subject to T2 Biosystems achieving specified milestones and deliverables. T2 Biosystems will be responsible for a designated portion of the costs associated with each period of work.

Under the terms of the agreement, BARDA may commit $6 million for an initial base period and up to an additional $63 million if it decides to exercise the seven remaining option periods. If all option periods are exercised, the estimated period of performance will be extended until approximately August 2024.

BARDA is entitled to terminate the projects under the agreement at any time and is not obligated to provide continued funding beyond the base contract, T2 Bio said in its filing.

Source: https://www.360dx.com/

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