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The firm beat Wall Street analyst estimates for revenues and earnings per share in the third quarter.
Product revenues were up 63 percent year over year, while research revenues rose twelvefold. The company placed nine new T2Dx instruments in Q2 2018.
Agilent Technologies announced this week that it has agreed to acquire privately-held ProZyme, a provider of glycan analysis reagents, kits, and standards.
Alere received clearance for the Afinion HbA1c Dx and for the Alere i Strep A 2, a rapid molecular test for the qualitative detection of Streptococcus pyogenes.
The firm sold about about 7 million shares of its common stock at $7.50 per share, including 915,000 shares to the offering’s underwriters also for $7.50 per share.
The investment bank previously had a Market Perform rating for the company, and it increased the price target on T2 Bio's stock to $12 from $5 per share.
The firm will grant underwriters a 30-day option to purchase up to an additional 915,000 shares of its common stock at $7.50 per share.
The firm has not yet priced the shares, but will grant underwriters a 30-day option to purchase up to an additional 847,500 shares in the stock offering.
The firm's bacterial panel detects species of bacteria in a patient's blood in roughly five hours after sample collection.
The firm remains on track for potential FDA clearance of its T2Bacteria panel in Q2 2018.