Molecular technology company ArcherDx, Boulder, Colo, has closed a Series B financing round of up to $60 million led by Perceptive Advisors. The investor syndicate also includes existing investors Boulder Ventures, Longwood Fund, PBM Capital, and the Peierls Foundation.

Proceeds from the financing will be used to scale operations and advance the company’s companion diagnostic program, which spans solid tumors, hematological malignancies, and circulating tumor DNA applications. The proceeds are also expected to support expansion of the company’s minimal residual disease monitoring program, accelerating access to a greater than $20 billion worldwide market opportunity.

ArcherDx is advancing molecular pathology with a robust technology platform for genetic mutation detection by next-generation sequencing. By combining patented anchored multiplexed polymerase chain reaction (PCR) chemistry in an easy-to-use lyophilized format with powerful bioinformatics software, the Archer platform dramatically enhances genetic mutation identification and discovery. ArcherDx provides oncology-focused research products and is pursuing regulatory approval for multiple companion diagnostic assays.

ArcherDx’s liquid biopsy-based minimal residual disease monitoring solution combines anchored multiplex PCR chemistry with a proprietary algorithm to construct optimal patient-specific assays that are intended to monitor disease and detect progression or identify recurrence earlier than current standard-of-care testing. ArcherDx plans to develop the assay as a decentralized or kitted in vitro diagnostic solution for global regulatory clearance, with the intention of improving test result turnaround time and lowering per-patient testing costs.

“We welcome Perceptive, one of the leading healthcare investors, to our growing investor group,” says Jason Myers, cofounder and chief executive officer of ArcherDx. “We believe this financing affirms the progress we’ve made with our companion diagnostic program and enables us to take advantage of the unique technology and assay customization capabilities we’ve developed to establish a leadership position in the emerging minimal residual disease monitoring market.”

“We are excited to partner with ArcherDx as they continue to build a highly differentiated, leading molecular oncology company, and we look forward to supporting the team as they work towards achieving product approvals over the coming years,” adds Sam Chawla, portfolio manager at Perceptive Advisors.

For further information, visit ArcherDx.

Featured image: ID 49365000 © Evencake, Dreamstime.