Shares of T2 Biosystems soar on positive data supporting T2Lyme Panel

Shares of T2 Biosystems Inc (NASDAQ:TTOO) shot up Wednesday after preclinical data suggested its T2Lyme Panel is more accurate than other methods for identifying Borrelia bacterial infections in people suspected of having early-stage Lyme disease, which is a tick-borne illness causing fatigue and flu-like symptoms.

T2 Biosystems stock shot up 11.4% to $7.24 in midday trade.

Operating on the fully automated FDA-cleared T2Dx Instrument, the T2Lyme Panel is designed to detect Lyme disease-causing bacteria in three to five hours.

The data were presented at the International Conference on Lyme Borreliosis and Other Tick-Borne Diseases in Atlanta.

“We are excited that the pre-clinical data is promising as the T2Lyme Panel performed better than all other diagnostics tested and suggests the panel can improve upon existing Lyme diagnostic tests,” said Nitin Damle, co-author of the study and Clinical Associate Professor of Medicine, Alpert Medical School at Brown University. “The strong specificity suggests clinicians can have a high degree of confidence that a T2Lyme positive is a true infection.”

Results from a preclinical study involving 21 patients with an erythema migrans rash, which is a circular rash that often appears in the Lyme disease) showed a 78% positive percent agreement (PPA) with tissue culture and 100% negative percent agreement (NPA. The currently recommended diagnostic, two-tier serology, showed a 56% PPA and 92% NPA. 

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors