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The New York-based firm will use the funding to develop and clinically validate its personalized, real-time tool for monitoring recurrence and treatment response for various sold cancer types.
ArcherDx has leveraged next-generation sequencing to develop and commercialize more than 325 research-use-only products and a pan-solid tumor diagnostic test.
The company will use proceeds from the offering to pay off debt related to other notes and to partially fund a redemption of other notes.
The cancer test developer will use the funding to commercialize its enrichment-based NGS panels. An IVD test also got CE marked.
The company said the funds will support the continued development and commercialization of its genome-wide methylation assay for multi-cancer early detection.
The company will use the funds to increase manufacturing, supply, and testing capacity for the SARS-CoV-2 test it launched in March.
The firm will offer 4.7 million shares of its stock at $2.27 per share. Proceeds will go toward the development and commercialization of its tests.
The company has also said it will begin performing SARs-CoV2 testing alongside its cancer tests using Thermo Fisher's EUA assay.
If the rapid test receives an FDA EUA, it will enable in-home self-testing by patients and medical professionals, the firm said.
The company will use the funds to expand its clinical genomic testing efforts into additional towns and cities in India, and accelerate its drug discovery programs.