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T2 Biosystems Inc. is offering “highly differentiated” products in the fight against sepsis, according to CEO John Sperzel.
“We have the first and only FDA-cleared products able to detect sepsis-causing pathogens directly from whole blood in just three to five hours,” he said, during a presentation at the Sidoti Micro Cap Conference Wednesday. “We’re standing alone as the only company able to detect these sepsis-causing pathogens directly from blood, in a few hours, versus a few days.”
“We have patent protection around both the use of our detection method, magnetic resonance, as well as our sample handling and processing,” Sperzel said. “That’s what allows us to do the direct-from-blood detection — we’re going to leverage that with all of our new product development initiatives.”
Related: T2 Biosystems stock falls 16.1% premarket after snapping 3-day winning streak
T2 Biosystems
TTOO,
which describes itself as a leader in the rapid detection of sepsis-causing pathogens and antibiotic-resistance genes, has a market cap of $151.2 million. The micro cap’s stock has been generating meme-stock-like buzz recently.
The company’s shares ended Friday’s session up 23.5% and have risen 456.1% in the last month.
T2 Biosystems is not yet cash flow positive. “We have not guided to when we will achieve cash flow break even, so I wouldn’t do that on this call, but what I can tell you is that we have substantially strengthened our balance sheet,” said Sperzel, during the Sidoti Micro Cap Conference.
Related: T2 Biosystems’s stock falls 8.7% premarket after generating meme-like buzz
As of June 30, T2 Biosystems had cash and cash equivalents of $16.1 million. “We have raised an additional $17.1 million in cash,” said Sperzel. “We have converted 20% of our debt to equity — that also reduces our interest expenses.”
“We feel great about where we are from a balance-sheet perspective,” he added.
Alliance Global Partners raised its T2 price target to 18 cents from 7 cents following the company’s second-quarter results earlier this month but maintained its neutral rating for the company.
