Personalized cancer test maker ArcherDX files $100M IPO

An international pandemic notwithstanding, the cancer-focused genomic testing company ArcherDX is forging ahead with a $100 million IPO, following a busy month of pharma partnerships and FDA announcements.

The Boulder, Colorado-based company plans to trade on the Nasdaq under the symbol RCHR, according to Renaissance Capital, after confidentially filing with the SEC on March 6—a day that reported fewer than 250 confirmed cases of COVID-19 in the U.S.; three months later that count is pushing nearly 2 million. The IPO’s pricing terms have not yet been disclosed.

ArcherDX currently offers a suite of genetic analysis tools for research use only, and is developing in vitro diagnostic tests aimed at cancer monitoring and therapy guidance based on its Anchored Multiplex PCR technology, or AMP.

This includes a next-generation gene sequencing test to detect NTRK fusions in any solid tumor, which recently received a breakthrough designation from the FDA in mid-May. The test is being developed as a companion diagnostic for Bayer’s TRK inhibitor, Vitrakvi—a collaboration also announced last month

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Since then, ArcherDX unveiled a new project with AstraZeneca to develop liquid biopsy tests for personalized monitoring of minimal residual disease, in support of the Big Pharma’s late-phase clinical trials in non-small cell lung cancer.

ArcherDX will perform whole-exome sequencing on tumor tissue to help build patient-specific blood tests measuring the circulating DNA of their specific cancers. The company plans to spin the project into the development of internationally approved companion diagnostic tests for AstraZeneca’s investigational cancer therapies.

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Meanwhile, ArcherDX also plans to submit its Stratafide test for FDA review by the end of the year, according to its IPO prospectus, as a first-line, universal tumor profiling assay providing tissue- and blood-based biomarkers for any late-stage cancer. Stratafide received a breakthrough designation in late 2018, and the company is eyeing its launch as a regulated device in 2021.

Last year, ArcherDX raised $60 million in a series B round to support its efforts, including its personalized tests focused on minimal residual disease. The round was led by Perceptive Advisors, alongside the company’s previous backers PBM Capital, Boulder Ventures, Longwood Fund and the Peierls Foundation.