- Thinly traded micro cap T2 Biosystems (NASDAQ:TTOO -22.7%) slumps on increased volume in response to its announcement of preliminary Q2 commercial results after the close yesterday. Full results will be released after the market closes on August 2.
- The company reports that its T2Candida cartridge is experiencing a higher-than-normal rate of "invalid" test results as the cartridge ages. According to T2, the problem does not impact the accuracy of the test or the quality of the core T2MR technology. Nevertheless, it stopped shipments of the product the last week of June and will replace customers' inventories with product made with a prior manufacturing process. The new cartridges will start shipping in two to five business days. The total cost of the action should be less than $750K.
- Dedicating resources to address the problem and scaling operations to support multiple products will extend the expected completion date of its T2Bacteria Panel pivotal trial to mid-2017. According to ClinicalTrials.gov, the original completion date was June.