NEW YORK – ArcherDx announced on Tuesday that it has closed a $55 million Series C financing round, led by Perceptive Advisors.
New investors Redmile Group, Soleus Capital, Driehaus Capital Management, and ArrowMark Partners joined the round, as well as existing investors Sands Capital, Longwood Fund, Boulder Ventures, and PBM Capital and affiliates, among others.
"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," CEO and Cofounder Jason Myers said in a statement. "We will also advance our Personalized Cancer Monitoring platform, which is intended to leverage ArcherDx technology to improve detection of minimal residual disease and address critical needs in the early-stage solid tumor setting, including recurrence surveillance and therapy monitoring and evolution."
The firm will also use the proceeds to expand its global commercial footprint.
"We expect the company's flagship products to enable tailored therapeutic selection for cancer patients by providing actionable insights," Mike Altman, managing director of Perceptive Advisors, said in a statement. "Moreover, ArcherDx's [Anchored Multiplex PCR] technology enables decentralized testing, which we believe uniquely positions the company to broadly impact the molecular cancer testing market."
ArcherDx, based in Boulder, Colorado, has now raised more than $150 million. The firm closed a $60 million Series B round earlier this year and raised $35 million in a preferred Series A round that closed in March 2018.
Stratafide received a Breakthrough Device Designation from the US Food and Drug Administration in January.