T2 Biosystems

The firm also more than tripled its product sales year over year, and its CEO said he considered the quarter to be "transformational."

The option was exercised under a multiyear contract between T2 Bio and BARDA valued at a total of $69 million if all options are exercised.

T2 Bio's T2SARS-CoV-2 Panel detects SARS-CoV-2 within two hours using a nasopharyngeal swab sample and runs on the firm's T2Dx instrument.

The firm reissued its full-year guidance and said it expects to sell 60 instruments in the US  for the remainder of the year.

The Lexington, Massachusetts-based company has launched a two-hour SARS-CoV-2 test on its fully-automated instrument, the T2Dx.

In April the firm received notice that it wasn't in compliance because its common stock didn't maintain a minimum bid price of $1.00 for 30 consecutive business days.

In the quarter T2 signed a licensing agreement for SARS-CoV-2 assay development and a purchasing agreement with Vizient.

The Lexington, Massachusetts-based company also terminated a purchase agreement and raised the amount in it may raise in a public offering of its common stock to $95.