T2 Biosystems Appoints Industry Veteran John Sperzel as Chief Executive Officer
January 09 2020 - 4:15PM
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the development
of innovative diagnostic products for critical unmet needs in
healthcare, today announced that its Board of Directors has
appointed diagnostics industry veteran John Sperzel as President
and Chief Executive Officer (CEO), effective immediately. Mr.
Sperzel, who will also join the Board of Directors, succeeds John
McDonough, who will continue with his Board leadership role serving
as non-Executive Chairman.
“I am honored to join T2 Biosystems as its
second CEO at this important transitional moment,” said Mr.
Sperzel. “This is an exciting time for the company, in the battle
against sepsis, and I look forward to leading the business to its
next chapter of growth. Sepsis represents $27 billion in annual
U.S. healthcare costs and claims more lives annually than lung
cancer, colorectal cancer, and breast cancer combined. T2
Biosystems has the only FDA-cleared diagnostic tests to detect
sepsis-causing pathogens directly from whole blood, which can save
lives, reduce healthcare costs, and fight antimicrobial
resistance.”
During 2019, T2 Biosystems achieved a number of
important milestones: 1) the T2Resistance™ Panel was granted
U.S. Food and Drug Administration Breakthrough Device designation
and CE Mark approval in Europe, 2) Centers for Medicare &
Medicaid Services established T2Bacteria® as the first diagnostic
product to gain incremental reimbursement through its New
Technology Add-On Payment program, and 3) a U.S. Government entity
awarded a significant milestone-based contract to fund development
of new and expanded products.
“We are thrilled to welcome John as President
and CEO at T2 Biosystems,” said Mr. McDonough. “John’s leadership,
passion and deep commercial experience make him well-suited to lead
the company through a stage of rapid growth. We look forward to
working with John and the senior leadership team to bring our novel
technology to more clinicians so they can do what matters most –
save lives.”
Mr. Sperzel brings a wealth of leadership and
operating experience to T2 Biosystems. He most recently served as
President and CEO of Chembio Diagnostics, Inc. (NASDAQ: CEMI), a
leading point-of-care diagnostics company focused on infectious
diseases, from 2014 through 2020. Under his leadership, Chembio
established direct U.S. and international sales teams resulting in
significant growth, entered collaborations with two major
pharmaceutical companies to create additional revenue
opportunities, and made commercial investments in Latin America and
Southeast Asia. Prior to Chembio, Mr. Sperzel served as President
and CEO of ITC Medical, a privately-held point-of-care diagnostics
company owned by Warburg-Pincus. Previously, Mr. Sperzel held
executive and commercial leadership positions at Axis-Shield
(Abbott), Bayer Diagnostics (Siemens), Instrumentation Laboratory,
and Boehringer Mannheim (Roche). Mr. Sperzel holds a Bachelor of
Science in Business/Management from Plymouth State University.
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® Instrument, T2Candida® Panel,
T2Bacteria® Panel, and the T2Resistance Panel™, and are powered by
the proprietary T2 Magnetic Resonance (T2MR®) 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.
Forward-Looking Statements
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.
Media Contact: Gina Kent, Vault
Communications gkent@vaultcommunications.com
610-455-2763
Investor Contact: Zack Kubow, W2O Group
zkubow@w2ogroup.com 415-658-6436
T2 Biosystems (NASDAQ:TTOO)
Historical Stock Chart
From Aug 2024 to Sep 2024
T2 Biosystems (NASDAQ:TTOO)
Historical Stock Chart
From Sep 2023 to Sep 2024