T2 Biosystems, Canon to develop Lyme disease test
05 Feb 2015
IPO
T2 Biosystems (NSDQ:TTOO) and Canon U.S. Life Sciences are teaming up to develop a diagnostic test panel for the rapid detection of Lyme disease.
Under the agreement, T2 will receive $2 million up front and up to $6.5 million in milestone payments. The company will also retain exclusive worldwide commercial rights to any products developed under the deal.
In exchange, Canon would receive royalty payments on sales of any products developed through the collaboration. Additional terms were not disclosed. T2’s device uses magnetic resonance to identify pathogens in just about any kind of sample, eliminating the need for time-consuming blood culture work.
“We are thrilled to enter into this collaboration with Canon U.S. Life Sciences to address the significant unmet market need in the detection of Lyme disease utilizing our T2MR technology platform,” T2 Biosystems CEO John McDonough said in a statement. “We believe T2MR may be able to provide accurate results in hours instead of weeks, which could positively impact outcomes for patients and reduce the cost of Lyme disease to the healthcare system.”
According to the U.S. Centers for Disease Control, approximately 30,000 cases of Lyme disease are reported each year. The agency estimates, however, that the actual number of people diagnosed with Lyme annually in the U.S. is more likely around 300,000, with the vast majority of cases occurring in the Northeast and Midwest.
Last August, T2 raised $57 million with its initial public offering.
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