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ArcherDx Targeting $100M in IPO

NEW YORK – Genomics analysis firm ArcherDx has filed a regulatory document with the US Securities and Exchange Commission to go public with plans to raise up to $100 million.

The Boulder, Colorado-based company has not priced the offering or said how many shares it expects to offer in its Form S-1 filed on Friday. JP Morgan, Bank of America Securities, Stiffel, and Evercore ISI are listed as the proposed offering's underwriters. ArcherDx plans to list its stock on the Nasdaq under ticker symbol "RCHR".

Founded in 2013, the company has leveraged next-generation sequencing to develop and commercialize more than 325 research-use-only products that it has sold to more than 300 academic and reference laboratories and more than 50 biopharmaceutical firms and contract research organizations in 40 countries, it said in its Form S-1.

Its RUO product lines include DNA-based VariantPlex panels for detecting copy number variations, single-nucleotide variants, and indels; RNA-based FusionPlex panels for generating target-enriched libraries to characterize gene fusions, splice variants, SNVs, indels, and relative expression levels; DNA-based LiquidPlex panels for targeted NGS of ccfDNA, cfDNA, and ctDNA from 28 genes associated with solid tumor type cancers; and RNA-based Immunoverse panels to characterize the human immune repertoire. The company collectively refers to the panels as personalized cancer monitoring (PCM).

ArcherDx also offers Stratafide, a pan-solid tumor diagnostic test designed to identify actionable genomic alterations in tissue or blood samples, and it is developing in vitro diagnostics and provides services for clinical applications.

It intends to submit Stratafide to the US Food and Drug Administration this year and PCM in the future for approval and/or clearance to be marketed as in vitro diagnostics.

The firm said in its SEC document that proceeds from its IPO will go toward R&D and the regulatory submission and commercialization of Stratafide. Proceeds will also be used for working capital and general corporate purposes, including sales and marketing activities, operating expenses, and capital expenditures, as well as possible acquisitions and investments in complementary businesses, technologies, and other assets.

Recent transactions by the company include a collaboration announced in May with AstraZeneca to develop assay to detect minimal residual disease in patients with early-stage non-small cell lung cancer. The month before that, it and Bayer announced a collaboration to develop and commercialize an NGS-based companion diagnostic for Bayer's Vitrakvi (larotrectinib).

In April it said it reached a two-part deal with Premier to deliver personalized genomic testing to patients, and in January ArcherDx and Illumina inked a partnership to broaden access to NGS-based oncology testing, including companion diagnostics, personalized monitoring, and new recurrence surveillance IVDs.

The company had $50.6 million in total revenues in 2019, up from $28.5 million in 2018. It had a net loss of $50 million in 2019 compared to a net loss of $5.6 million in 2018.

This past December, it raised $55 million in a Series C financing round, and in May 2019 it raised $60 million in a Series B financing.

Through the first three months of 2020, ArcherDx recorded $14.8 million in revenues and a net loss of $19.3 million. It had $36.8 million in cash and cash equivalents as of March 31, 2020.

Jason Myers is the firm's president and CEO while Josh Stahl is its chief scientific officer and chief operating officer.