US-based molecular diagnostics company ArcherDX has raised $55m in a Series C financing round led by a privately-owned fund company Perceptive Advisors.
The funding round was also joined by new investors Redmile Group, Soleus Capital, Driehaus Capital Management and ArrowMark Partners.
The round also saw participation from some of the company’s existing investors Sands Capital, Longwood Fund, Boulder Ventures, and PBM Capital and affiliates.
ArcherDX plans to use the proceeds to support registration and distribute Stratafide pan-solid tumour companion diagnostic (CDx).
The funding will also be used by the company to finance the development of its Personalized Cancer Monitoring (PCM) platform.
ArcherDX co-founder and CEO Jason Myers said: “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 personalised genomic information to better inform their care.
“The proceeds position ArcherDX to, upon approval, launch Stratafide to deliver the first multi-gene, pan-solid tumour companion diagnostic that accepts both tissue and blood, to benefit late-stage cancer patients.”
ArcherDX’s Stratafide is designed to facilitate healthcare providers in implementing actionable genomic information to patients in medical facilities, identifying alterations in tissue or blood samples at any local lab with a sequencer and allowing quick turnaround times.
Earlier this year, Stratafide test received the breakthrough device designation from the US Food and Drug Administration (FDA).
Perceptive Advisors managing director Mike Altman said: “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.
“Moreover, ArcherDX’s AMP technology enables decentralized testing, which we believe uniquely positions the Company to broadly impact the molecular cancer testing market.”