T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the development of innovative diagnostic products for critical unmet needs in healthcare, today announced that its Chief Executive Officer (CEO), John Sperzel, has promoted Tony Pare to the newly created position of Chief Commercial Officer (CCO), effective immediately. Mr. Pare previously served as Vice President and General Manager - International at T2 Biosystems.
"I am delighted to appoint Tony as our CCO and look forward to working with him to expand our commercial success," said Mr. Sperzel. "In his previous role as Vice President and General Manager - International, he led the expansion and growth of our international business and I am confident that he will serve as a driving force of success and rapid growth in the Company's next phase."
Mr. Pare has significant commercial and business development experience, including 18 years at Haemonetics Corporation (NYSE: HAE), a global healthcare company. While at Haemonetics, he served as a commercial leader, driving growth in two of its most successful divisions, as well as Vice President of Business Development, Mergers and Acquisitions, where he was responsible for all external growth initiatives. Before joining T2 Biosystems, Mr. Pare served as CCO for Hemanext, where for three years, he led pre-revenue market development.
"As someone who has spent his life's work in the medical device and diagnostics industry, I recognize the unique clinical value T2 Biosystems' technology brings to patients suspected of sepsis, and am thrilled to have the opportunity to serve as CCO for the Company and help to lead further expansion and utilization of our innovative, rapid diagnostics," said Mr. Pare. "With T2 Biosystems' technology, clinicians can rely less on empiric therapy and apply more targeted treatment by knowing the pathogen in a patient's bloodstream in a matter of hours instead of days. I look forward to working with our sales force and distribution partners to help get these groundbreaking diagnostics into more hospitals where they can help benefit patients."
The Company's T2Bacteria(R) Panel is the only FDA-cleared test to identify sepsis-causing bacterial pathogens directly from whole blood without the need to wait for blood culture. Its counterpart for fungal bloodstream infections is the T2Candida(R) Panel, the first and only FDA-cleared direct-from-whole blood diagnostic for detection of fungal pathogens that are associated with sepsis. Both panels provide results in three to five hours instead of days, allowing for quick, targeted treatment. These rapid diagnostics can help save lives, reduce healthcare costs and manage antimicrobial drug usage.
About T2 Biosystems
T2 Biosystems, a leader in the development and commercialization of innovative medical diagnostic products for critical unmet needs in healthcare, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems' products include the T2Dx(R) Instrument, T2Candida(R) Panel, T2Bacteria(R) Panel, and the T2Resistance Panel(TM), and are powered by the proprietary T2 Magnetic Resonance (T2MR(R)) technology. T2 Biosystems has an active pipeline of future products, including products for the detection of additional species and antibiotic resistance markers of sepsis pathogens, and tests for Lyme disease.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding additional patients, timing of testing patients, anticipated product benefits, strategic priorities, product expansion or opportunities, growth expectations or targets, timing of FDA filings or clearances and anticipated operating expenses, as well as statements that include the words "expect," "intend," "plan", "believe", "project", "forecast", "estimate," "may," "should," "anticipate," and similar statements of a future or forward looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) realize anticipated benefits from commitments, contracts or products; (b) successfully execute strategic priorities; (c) bring products to market; (d) expand product usage or adoption; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) realize anticipated revenues; (h) incur expected levels of operating expenses; or (i) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; or (iv) the factors discussed under Item 1A. "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2018, filed with the U.S. Securities and Exchange Commission, or SEC, on March 14, 2019, and other filings the company makes with the SEC from time to time. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While the company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company's silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.
Gina Kent, Vault Communications
Zack Kubow, W2O Group