- ArcherDX, a molecular diagnostics company dedicated to developing breakthrough solutions that advance the application of personalized genomic medicine, announced it raised $55 million
ArcherDX — a molecular diagnostics company dedicated to developing breakthrough solutions that advance the application of personalized genomic medicine — announced it has closed $55 million in Series C funding led by Perceptive Advisors. Redmile Group, Soleus Capital, Driehaus Capital Management, and ArrowMark Partners also joined the round along with existing investors Sands Capital, Longwood Fund, PBM Capital and its affiliates, Boulder Ventures, and several others.
The proceeds of the funding are intended to be used in part to expand the ArcherDX global commercial footprint, support the registration and launch of the STRATAFIDE pan-solid tumor companion diagnostic (CDx), and in concert with ongoing biopharma collaborations, to support development of ArcherDX’s Personalized Cancer Monitoring (PCM) platform.
“We are grateful to receive such enthusiastic support from both new and existing investors. They share our vision of a future where all patients have access to personalized genomic information to better inform their care. 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,” said ArcherDX co-founder and CEO Jason Myers, Ph.D.. “We will also advance our Personalized Cancer Monitoring platform, which is intended to leverage ArcherDX technology to improve detection of minimal residual disease (MRD) and address critical needs in the early stage solid tumor setting, including recurrence surveillance and therapy monitoring and evolution. We believe millions of cancer patients could benefit from a more accurate, personalized means of detecting relapse, when the cancer burden is low and more treatable. We remain driven to enable personalized molecular diagnostics that are accurate, actionable and local.”
STRATAFIDE is based on patented technology and ArcherDX has over 150 peer-reviewed publications. STRATAFIDE identifies actionable genomic alterations in tissue or blood samples, including alterations targeted by emerging therapies undergoing clinical trials, therapies already recommended in clinical guidelines like NCCN, and therapies approved by the FDA. And unlike current centralized testing, STRATAFIDE allows tissue and blood samples to be analyzed at any local lab with a sequencer thereby enabling faster turnaround times while providing physicians with critical information needed to deliver targeted, personalized care.
“We are delighted to continue to support ArcherDX as it works to launch multiple novel diagnostic products. We expect the Company’s flagship products to enable tailored therapeutic selection for cancer patients by providing actionable insights,” explained Perceptive Advisors managing director Mike Altman. “Moreover, ArcherDX’s AMP technology enables decentralized testing, which we believe uniquely positions the Company to broadly impact the molecular cancer testing market.”
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