|Adaptive CEO Chad Robins|
Seattle's Adaptive Biotechnologies is charging ahead with plans for growth, roping in $195 million in a Series F round to support development of its immunosequencing technology as it eyes key regulatory approvals for its products.
Matrix Capital Management led the round, with new and existing investors such as Senator Investment Group, Tiger Management, Rock Springs Capital, Viking Global and Casdin Capital contributing funds. Adaptive plans to use the financing for a slew of projects, including expanding its research platform, commercializing its technology for T cell therapy and accelerating the regulatory timeline and launch for its research and clinical diagnostic tools, the company said in a statement. The company will also use the cash to build out its database of adaptive immune receptors for diagnostic and therapeutic research.
"The disruptive potential of our ground-breaking immunosequencing technology is evidenced by the tremendous commitment of our world-class investors," Chad Robins, president and CEO of Adaptive, said in a statement. "We are honored to work with a consortium of investors who share in our vision that understanding the adaptive immune system will change the course of medicine across many therapeutic areas including cancer and other immune-mediated diseases."
The latest financing adds fuel to Adaptive's engine as it forges ahead with its next-generation sequencing tools. In January, the Illumina ($ILMN)-backed company grabbed immune sequencing outfit Sequenta for an undisclosed sum to expand R&D and ramp up commercialization for its immunosequencing platform, which helps diagnose and monitor patients with cancer, autoimmune disorders and infectious diseases. As part of the deal, the companies also planned to use the technology to measure minimal residual disease in blood cancer patients.
Meanwhile, Adaptive continues to attract funds from key investors to keep its immunosequencing ship afloat. The company reeled in $120 million last year to expand sales of its clonoSEQ diagnostic tool and beef up its next-generation immunoSEQ research platform. In the future Adaptive hopes to sell its diagnostic kits for clinical purposes, allowing customers to perform immunosequencing in-house, the company said at the time.
"The creation of data to influence clinical care represents the next wave of opportunity, and these proceeds will allow us to build our organization with top talent in all key areas from research to sales and to further commercialize our platforms and applications," Robins said in an earlier statement.
- read the statement