The U.S. Department of Health and Human Service's Biomedical Advanced Research and Development Authority (BARDA) has awarded a contract to T2 Biosystems (NASDAQ:TTOO) to support the development of diagnostics for sepsis-causing pathogens and antibiotic-resistance genes.
The initial phase of the contract is valued at $6M while the total value could be as high as $69M.
Management will host a conference call tomorrow, September 11, at 8:30 am to discuss the award.
Separately, the company has restructured its term loan deal with CRG Servicing LLC, extending the interest-only period by one year and reducing the minimum revenue targets for 2020 - 22 to levels below its current forecast.
Shares up 24% after hours.
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