ArcherDX Secures $55 Million Series C Funding to Expand Personalized Medicine Through Genomic Insights

VCBeat (WeChat Official Account: vcbeat) learned from foreign media reports that on December 17, 2019, U.S. molecular diagnostics company ArcherDX announced the completion of a $55 million Series C financing round. The round was led by Perceptive Advisors, with participation from new investors Redmile Group, Soleus Capital, Driehaus Capital Management, and ArrowMark Partners, as well as existing investors Sands Capital, Longwood Fund, PBM Capital, and Boulder Ventures.

It is reported that Rakuten Aspyrian previously secured $35 million in Series A financing in March 2018 and $60 million in Series B financing in May 2019.

This round of financing will be used to expand ArcherDX’s global commercial footprint, support the registration and promotion of the STRATAFIDE oncology diagnostics platform, and advance the development of ArcherDX’s Personalized Cancer Monitoring (PCM) platform.

ArcherDX, founded in 2013, is a biotechnology company based in Boulder, Colorado, dedicated to advancing molecular pathology by detecting genetic mutations through its next-generation sequencing (NGS) platform. By combining Anchored Multiplex PCR (AMP™) chemistry with robust bioinformatics software, the Archer platform significantly enhances the identification and discovery of genetic mutations.

Unlike other centralized testing solutions currently on the market, STRATAFIDE enables blood samples to be analyzed using sequencers in laboratories anywhere, thereby accelerating turnaround time while providing physicians with the critical information needed to deliver targeted, personalized treatment plans. In January 2019, STRATAFIDE was granted “Breakthrough Device” designation by the U.S. Food and Drug Administration (FDA).

Jason Myers, Co-Founder and CEO of ArcherDX, stated, “We are delighted to receive enthusiastic support from both new and existing investors. We share a common vision for the future: ensuring that all patients have access to personalized genomic information to enable better treatment options. This financing will allow ArcherDX to launch STRATAFIDE, a pan-solid tumor diagnostic platform, to benefit patients with advanced-stage cancer. We will also advance our personalized cancer monitoring platform, which is designed to leverage ArcherDX’s technology to improve the detection of minimal residual disease (MRD). We believe that a more accurate and personalized approach to recurrence detection, particularly when the cancer burden is lower and more treatable, will benefit millions of cancer patients. We remain committed to making personalized molecular diagnostics more accurate, actionable, and tailored.”

Mike Altman, Managing Director at Perceptive Advisors, stated, “We are pleased to continue supporting ArcherDX as it is committed to launching a range of novel diagnostic products. We hope that the company’s flagship product will enable tailored treatment plans for cancer patients by providing actionable insights. Furthermore, ArcherDX’s AMP technology enables decentralized testing, which we believe represents a unique advantage for ArcherDX in the molecular cancer testing market.”

Perceptive Advisors was founded in New York in 1999 and is a venture capital firm focused on global investments in the public biotechnology, pharmaceuticals, medical devices, diagnostics, and healthcare services industries.

Redmile Group is a healthcare investment firm founded in 2007 and headquartered in California, USA. The company primarily engages in venture capital, growth equity, and cross-border investments within the healthcare sector.

(Compiled by Wang Fang)