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The company will use the proceeds to strengthen its balance sheet and support the commercial launch of new products and development activities over the coming year.
The company has raised $30 million to date to fund development and commercialization of its molecular diagnostic test to predict response to anti-TNF therapies.
The firm did an initial close of its Series A financing round and will pursue additional investments during Q1 2020 when the round is anticipated to close.
Perceptive Advisors led the round, joined by new and existing investors. ArcherDx will use the proceeds to launch a companion diagnostic and expand globally.
The firm will use the new funds to accelerate development of products, expand partnerships, and support commercialization of its two multiplex panels.
The company intends to use the net proceeds to repay at maturity or redeem its $800 million aggregate principal amount of senior notes due in 2020.
The financing will go toward building out its sales teams in the US and Europe in order to market its multiplexed MDx tests for infectious diseases.
The Finnish biotechnology firm also announced plans to raise up to €80 million in the coming year.
The company is developing an automated benchtop system to provide accurate lab results in 20 minutes for a variety of tests from a small sample of blood.
The Series A financing will go toward expanding access to its liquid biopsy-based test to more patients in Asia and North America, it said.