ArcherDX has closed on a $60 million financing round to support its companion diagnostic program spanning solid and blood tumors, as well as circulating tumor DNA tests.
The Boulder, Colorado-based company also plans to use the proceeds to expand its work in detecting minimal residual disease. The series B round was led by Perceptive Advisors, which was joined by previous backers PBM Capital, Boulder Ventures, Longwood Fund and Peierls Foundation, while Evercore Group served as financial adviser for the raise.
ArcherDX’s minimal residual disease platform combines its Anchored Multiplex PCR, or AMP chemistry with an algorithm that constructs patient-specific liquid biopsies, with the goal of detecting progression or recurrence earlier than standard testing. The company plans to develop the assay as a decentralized or kitted in vitro diagnostic.
"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," ArcherDX CEO and co-founder Jason Myers said in a statement.
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Last year, the company raised $35 million in its series A round to build out its operations after landing a next-generation sequencing deal with Celgene to develop a companion test for its lymphoma-targeting avadomide therapy, also known as CC-122.
ArcherDX has been expanding its portfolio—which covers novel gene fusions and variants, as well as tests that provide information on expression and copy number variation—since being spun out of Enzymatics in 2015 following that company’s takeover by Qiagen.