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The Lexington, Massachusetts-based firm plans to offer about 4.4 million shares of its common stock at a price of $4 per share.
T2 Biosystems' device will potentially enable 95 percent of patients with bloodstream infections to receive targeted therapy within eight hours of a blood draw.
The collaboration will use T2Dx instruments at Cidara US trial sites to detect sepsis-causing superbugs including Candida auris.
The firm cited lower research revenues tied to its collaboration with Canon US Life Sciences for the overall revenue decline.
T2 said that the panel will be commercially available in Europe in Q3, and added that it is in the midst of completing a pivotal trial in preparation of a submission to the FDA.
Market growth is providing opportunities for emerging diagnostic companies and a range of options for clinicians, included PCR and protein tests.
The firm remains on track to file for FDA clearance of its T2Bacteria panel, which its CEO called a "game changer" by mid-2017.
The company said its product revenues rose during the fourth quarter thanks to an increase in T2Candida panel sales due to increased patient testing.
Research using the T2Plex instrument has detected a new conformation of red blood cells indicating a tight clot, which could be used as a biomarker.