ArcherDX Announces Close of $60M Financing to Advance Companion Diagnostic and Minimal Residual Disease Monitoring Product Portfolio
By: Colorado BioScience Association Date: 05/15/2019
BOULDER, Colo., May, 15, 2019 /PRNEWSWIRE/– ArcherDX, Inc., a molecular technology company dedicated to developing breakthrough solutions that advance the application of personalized genomic medicine, today announced the closing of an up to $60 million Series B financing round led by Perceptive Advisors. The investor syndicate also includes existing investors PBM Capital, Boulder Ventures, Longwood Fund and Peierls Foundation.
Proceeds from the financing are planned to be used to scale operations and advance the company’s companion diagnostic program that spans solid tumors, hematological malignancies and circulating tumor DNA (ctDNA) applications. The proceeds are also planned to support the expansion of the company’s minimal residual disease monitoring program accelerating access to a greater than $20 billion worldwide market opportunity.
ArcherDX’s liquid biopsy-based minimal residual disease monitoring solution combines Anchored Multiplex PCR (AMPTM) chemistry with a proprietary algorithm to construct optimal patient-specific assays that are intended to be used to monitor disease and detect progression or recurrence earlier than current standard of care testing. ArcherDX plans to develop the assay as a decentralized or kitted in vitro diagnostic solution for global regulatory clearance, with the intention of improving test result turn-around time and lowering per patient testing costs.
“We welcome Perceptive, one of the leading healthcare investors, to our growing investor group,” said Jason Myers, co-founder and chief executive officer of ArcherDX. “We believe this financing affirms the progress we’ve made with our companion diagnostic program and enables us to take advantage of the unique technology and assay customization capabilities we’ve developed to establish a leadership position in the emerging minimal residual disease monitoring market.”
“We are excited to partner with ArcherDX as they continue to build a highly differentiated, leading molecular oncology company and we look forward to supporting the team as they work towards achieving product approvals over the coming years,” said Sam Chawla, Portfolio Manager, Perceptive Advisors.
To date, ArcherDX has raised up to $95 million in financing. Evercore Group LLC acted as financial advisor to ArcherDX, Inc. for this Series B transaction.
ArcherDX is advancing molecular pathology with a robust technology platform for genetic mutation detection by next-generation sequencing. By combining patented Anchored Multiplexed PCR (AMP™) chemistry in an easy-to-use, lyophilized format and powerful bioinformatics software, the Archer® platform dramatically enhances genetic mutation identification and discovery. ArcherDX provides oncology-focused research products and is pursuing regulatory approval for multiple companion diagnostic assays.
ArcherDX is headquartered in Boulder, Colorado.
Matt Franklin, Chief Business Officer