Boulder's ArcherDX, a biotech company developing personalized genomic medicine, announced it closed a $55 million Series C round to grow its commercial footprint and further its product offerings.
The round was led by Perceptive Advisors, which was joined by new investors Redmile Group, Soleus Capital, Driehaus Capital Management and ArrowMark Partners, as well as existing investors Sands Capital, Longwood Fund, PBM Capital and its affiliates, Boulder Ventures and others.
This funding comes after the company raised a $60 million Series B in May.
ArcherDX is focused on molecular diagnostics with a technology platform for genetic mutation detection. Its platform detects variants associated with cancers and inherited diseases.
The round will help expand ArcherDX's global commercial footprint, while also supporting the launch of the STRATAFIDE pan-solid tumor companion diagnostic and helping to develop ArcherDX's Personalized Cancer Monitoring platform.
"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," Jason Myers, ArcherDX co-founder and CEO said in a statement.
The company's cancer monitoring platform aims to improve detection of potential relapse.
"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," Myers added.
This is the second major Boulder biotech funding round in the last week. On December 10, Inscripta raised a $125 million Series D round led by Paladin Capital Group, bringing the total amount raised by the company to $259.5 million.
The new funds will be used to accelerate expansion and commercialization of the company’s Onyx Digital Genome Engineering platform. The Onyx platform is a first fully-automated benchtop instrument for genome-scale engineering.
