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ArcherDX Announces Close of $55 Million Series C Financing
BOULDER, Colo., Dec. 17, 2019 /PRNewswire/ -- ArcherDX, Inc., a molecular diagnostics company dedicated to developing breakthrough solutions that advance the application of personalized genomic medicine, today announced the close of a $55 million Series C financing round led by Perceptive Advisors, which was joined by new investors Redmile Group, Soleus Capital, Driehaus Capital Management and ArrowMark Partners, as well as existing investors Sands Capital, Longwood Fund, PBM Capital and its affiliates, Boulder Ventures and others.
Proceeds of the financing are intended to be used in part to expand the ArcherDX global commercial footprint, support the registration and launch of the STRATAFIDE™ pan-solid tumor companion diagnostic (CDx) and, in concert with ongoing biopharma collaborations, to support development of ArcherDX's Personalized Cancer Monitoring (PCM) platform.
"We are grateful to receive such enthusiastic support from both new and existing investors. They share our vision of a future where all patients have access to personalized genomic information to better inform their care. The proceeds position ArcherDX to, upon approval, launch STRATAFIDE to deliver the first multi-gene, pan-solid tumor companion diagnostic that accepts both tissue and blood, to benefit late stage cancer patients," said Jason Myers, Ph.D., co-founder and chief executive officer of ArcherDX. "We will also advance our Personalized Cancer Monitoring platform, which is intended to leverage ArcherDX technology to improve detection of minimal residual disease (MRD) and address critical needs in the early stage solid tumor setting, including recurrence surveillance and therapy monitoring and evolution. We believe millions of cancer patients could benefit from a more accurate, personalized means of detecting relapse, when the cancer burden is low and more treatable. We remain driven to enable personalized molecular diagnostics that are accurate, actionable and local."
Based on patented technology, with more than 150 peer-reviewed publications, STRATAFIDE identifies actionable genomic alterations in tissue or blood samples, including alterations targeted by emerging therapies undergoing clinical trials, therapies already recommended in clinical guidelines such as NCCN, and therapies approved by the FDA. Unlike current centralized testing, STRATAFIDE allows tissue and blood samples to be analyzed at any local lab with a sequencer, thereby enabling faster turnaround times, while providing physicians with critical information needed to deliver targeted, personalized care. STRATAFIDE was granted FDA Breakthrough Device Designation in January 2019.
"We are delighted to continue to support ArcherDX as it works to launch multiple novel diagnostic products. We expect the Company's flagship products to enable tailored therapeutic selection for cancer patients by providing actionable insights," said Mike Altman, Managing Director, Perceptive Advisors. "Moreover, ArcherDX's AMP technology enables decentralized testing, which we believe uniquely positions the Company to broadly impact the molecular cancer testing market."
ArcherDX is advancing molecular diagnostics with a robust technology platform for genetic mutation detection by next-generation sequencing. By combining patented Anchored Multiplex PCR (AMP™) chemistry in an easy-to-use, lyophilized format and powerful bioinformatics software, the Archer® platform enhances genetic mutation identification. ArcherDX provides oncology-focused research products and is pursuing regulatory approval for multiple companion diagnostic assays. ArcherDX is headquartered in Boulder, Colorado. Learn more at www.archerdx.com and follow @ArcherDXInc on Twitter, Facebook and LinkedIn.