T2 said it's in a strong position to achieve planned portfolio milestones over the next two years, including submitting its next test for FDA clearance next year.
The companies have been working together since early 2015 on a diagnostic for the early detection of Lyme disease.
The test is based on a biomarker signature that consists of a core set of 31 genes associated with endotoxin tolerance in sepsis patients.
Coming off a nearly 9 percent rise in July, the GenomeWeb Index fell more than 2 percent in August, mimicking the Nasdaq Biotechnology Index, which fell 3 percent.
A month after Brexit fears pushed the GenomeWeb Index down half a percent, companies rallied on news of an acquisition and better than expected Q2 performances.
Last month, the company disclosed that cartridges for its sepsis test had been yielding higher-than-normal invalid results, prompting a shipment hold.
Despite the array of tests available, some lab directors are still seeking broader functionalities and capabilities from the systems they purchase.
The deal gives Bayer access to the T2 Magnetic Resonance technology for drug discovery and biomarker research in certain hemostasis programs.
T2 also disclosed that it had run into problems with the cartridges for the sepsis test and that its next diagnostic would hit the market later than expected.
The recent approvals underscore the usefulness of procalcitonin as a sepsis biomarker, even as newer molecular approaches to diagnosing the condition hit the market.
The former commissioner of the FDA has returned to the venture capital firm New Enterprise Associates as a special partner on the healthcare investment team.
Astronauts have edited yeast genes on the International Space Station in an experiment designed to show how cells repair themselves in space.
Emory University has found that two of its researchers failed to divulge they had received funds from China, according to the Atlanta Journal-Constitution.
In Science this week: influence of the nuclear genome on human mitochondrial DNA, and more.