Seattle-based Adaptive will develop in vitro diagnostic test kits for distribution, which will run on Illumina's NextSeq 550 Dx system.
The immune sequencing firm is working on kit-ifying its two existing tests, as well as developing a second clinical test and expanding the label for clonoSeq.
In its first quarter operating as a public company, the Seattle-based immune sequencing firm more than tripled development revenues and grew sequencing revenues.
Cowen and William Blair initiated coverage of Adaptive with Outperform ratings, while JP Morgan assigned an Overweight rating and a $45 price target to the firm's stock.
The UCSF spinout aims to develop noninvasive tests to detect kidney injury for the transplantation field and to diagnose and monitor chronic disease.
The firm plans to use proceeds to fund commercial activities related to its ClonoSeq assay, as well as research into drug discovery and its project to map TCR antigens.
The company is also looking to expand the use of its FDA-approved ClonoSeq assay, which has US FDA approval for MRD detection in acute lymphocytic leukemia and multiple myeloma.
The firm aims to offer a clinical service next year for predicting immunotherapy response and adverse immune reactions.
The companies plan to commercialize MIODx's immune sequencing technology for diagnostic purposes.
The researchers plan to profile patients with both Adaptive Biotechnologies' ImmunoSeq platform and 10x Genomics' single-cell immune repertoire profiling technology.