ArcherDX Closes $35 Million Seires A Financing
ArcherDX, a company known for producing NGS-based gene fusion detection assays, has closed a $35 million Series A preferred financing, co-led by Boulder Ventures Ltd. and PBM Capital Group, LLC. Additionally, Kyle Lefkoff of Boulder Ventures has joined the ArcherDX Board of Directors.
“The rapid adoption of ArcherDX’s workflow by leading cancer centers and pharma companies has been impressive. We look forward to supporting Jason and the ArcherDX team in their efforts to improve the lives of patients through improved genetic targeting of new therapies,” Lefkoff said in a statement.
Longwood Fund and Preierls Foundation also participated in the Series A as new investors.
The capital comes after a year of record growth for the company and penetration into liquid biopsy, immune sequencing, and companion diagnostics (CDx) markets. The company will use the funding to support the rapid commercial growth of its targeted sequencing assays, including expanding its domestic salesforce, increasing its international commercial operations, scaling its oncology-focused CDx co-development program and continuing to invest in its in vitro diagnostic (IVD) pipeline.
Dr. Jason Myers, CEO and Co-founder of ArcherDX, said, “We’ve been very successful in developing the technology, establishing scalable processes and driving rapid revenue growth. This round of funding, and the addition of Kyle to our board, will help us to execute on our mission of providing the best molecular pathology tools both in research and clinical settings on a global scale.”