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Biotech / Medical : biotech firesales

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From: tnsaf7/8/2016 5:09:36 PM
   of 3661
 
TTOO -30%, probably on this news released 4:01pm July 7

T2 Biosystems also is currently reporting to users of the Company's T2Candida® Panel, that the T2Candida cartridge has recently realized higher than normal “invalid” test results as the cartridge ages. Based on investigative data along with the design of the test, the Company does not believe the identified issue impacts the accuracy of positive and negative test results or has any relationship with the core T2MR® testing technology. While the Company determined that the possible increased invalid test result rate does not present an increased risk to patient health, an abundance of caution led the Company to hold shipment of the cartridges beginning the last week of June. The Company is going to remove current customer inventory in the field and replace it with cartridges that are made using a prior manufacturing process. The Company plans to commence shipping new cartridges within 2 to 5 business days. The Company currently estimates the cost of these activities to be less than $750,000
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