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private financing

The firm has opened a $10 million Series A financing round that it expects to close in late summer to support running clinical studies for its assay.

The firm said it will use the funds to advance development of its HostDx immune response gene expression tests for acute infections and sepsis.

The funding will be used to bring to market Oklahoma City-based Progentec's products for CLIA labs, as well as its digital technologies for managing lupus.

Developers pointed to some success, but they also noted that more at-home tests need to demonstrate higher levels of performance and affordability.

Companies developing tests for cancer therapy selection, therapy monitoring, and screening received most of the private investment, funding experts said.

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.

The firm said that the new financing will help it accelerate commercial initiatives in the US, Europe, Brazil, and Canada.

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 Australian company also plans to offer 72 million new shares to eligible existing shareholders to raise additional funds.

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