T2 Biosystems (NSDQ:TTOO) said today that it inked a deal with Bayer (ETR:BAYN) for research on blood coagulation disorders.
The deal calls for T2 to provide its T2MR magnetic resonance-based diagnostic device to Bayer for a research program for drug and biomarker discovery in hemostasis.
“We are very enthusiastic about our collaboration with Bayer and the important validation it represents for our T2MR technology in the field of hemostasis,” T2 CEO John McDonough said in prepared remarks. “Together with Bayer, we look forward to continuing the exploration of the clinical potential of our platform to provide improved patient care in this area of significant unmet need.”
The companies have been working together for the last year and recently extended the collaboration to include a number of pre-clinical and early clinical programs. This collaboration will enable T2 Biosystems and Bayer to evaluate the T2MR technology with the hemostasis drug discovery and development efforts at Bayer.
It’s not the 1st collaboration with a life sciences giant for the Lexington, Mass.-based company, which raised $57 million in an initial public offering in August 2014. T2 signed a pact in February 2015 with Canon (NYSE:CAJ) to develop a diagnostic test panel for the rapid detection of Lyme disease.
Under that 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.
In September 2014 the FDA approved a pair of sepsis tests using the T2MR device.
