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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.
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 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.
The firm will use funds from the round, led by the Midlands Engine Investment Fund, to develop its optical point-of-care diagnostic testing platform.