T2 Biosystems (NASDAQ:TTOO) Stock Moves Up After Exclusive Distribution Agreement
T2 Biosystems (NASDAQ:TTOO) stock ended with marginal gains on Friday after announcing an important update.
Market Stats
On Friday, TTOO stock moved up 3.79% to $0.6457 with more than 3.61 million shares, compared to its average volume of 3.25 million shares. The stock has moved within a range of $0.6336 – 0.7100 after opening trading at $0.6453.
Continued International Expansion into Taiwan with Exclusive Distribution Agreement
Industry leader in swiftly detecting sepsis-causing pathogens, T2 Biosystems (NASDAQ:TTOO), announced on November 19, 2021, about executing a territory exclusive distribution agreement in Taiwan. As per the terms of the agreement, the company will sell T2Dx instruments, as well as T2Bacteria, T2Candida and T2Resistance Panels, via this distributor.
Thanks to the execution of this distribution agreement, T2 Biosystems entered into the Asia-Pacific market during the last 30 days, for the third time. As per the Asia Pacific Sepsis Alliance, the estimated national sepsis incidences in this region range from 120 up to 1,600 per 100,000. Incidence of sepsis is 287 per 100,000 people in Taiwan. According to a recent analysis, the national health expenses is estimated to be 33.5 billion NT dollars for sepsis hospitalizations – much higher than those for cancer and diabetes.
T2 Biosystems and their new distribution partner are partnering with the health authorities in Taiwan in order to get fast regulatory approval so they can offer patients the highest quality sepsis care possible.
John Sperzel, Chairman and CEO of T2 Biosystems, states that they look forward to a long-term relationship with their distributor, as well as their customers in Taiwan. This market is an incredible opportunity for growth. The Asia-Pacific region has the highest number of patients affected by sepsis globally, and they are working diligently to ensure their rapid, culture-independent diagnostics solution is quickly available in Taiwan.
Key Quote
“We look forward to building lasting relationships with our distributor and customers in Taiwan and believe this market represents a meaningful growth opportunity,” said John Sperzel, Chairman and CEO of T2 Biosystems. “The Asia-Pacific region has the highest number of patients affected by sepsis globally. We are excited to make our rapid, culture-independent diagnostics solution available in Taiwan.”
Traders Corner
TTOO stock is trading below the 20-Day and 50-Day Moving averages of $0.75 and $0.85 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.29. The stock is down 23% in the past month.
