BOULDER, Colo., March 20, 2018 /PRNewswire/ -- ArcherDX, Inc., the leader in NGS-based gene fusion detection assays, announced today that it has closed a $35 million Series A Preferred financing, which was co-led by Boulder Ventures, Ltd. and PBM Capital Group, LLC. Longwood Fund and Peierls Foundation also participated in the Series A financing as new investors. Kyle Lefkoff of Boulder Ventures has joined the ArcherDX Board of Directors.
The capital comes after a year of record growth for the company and penetration into liquid biopsy, immune sequencing, and companion diagnostic (CDx) markets. The company will use the funding to support the rapid commercial growth of its targeted sequencing assays, including expanding its domestic salesforce, increasing its international commercial operations, scaling its oncology-focused CDx co-development program and continuing to invest in its in vitro diagnostic (IVD) pipeline.
Dr. Jason Myers, CEO and Co-founder of ArcherDX, said in a statement, "We've been very successful in developing the technology, establishing scalable processes and driving rapid revenue growth. This round of funding, and the addition of Kyle to our board, will help us to execute on our mission of providing the best molecular pathology tools both in research and clinical settings on a global scale."
Kyle Lefkoff of Boulder Ventures said in a statement, "The rapid adoption of ArcherDX's workflow by leading cancer centers and pharma companies has been impressive. We look forward to supporting Jason and the ArcherDX team in their efforts to improve the lives of patients through improved genetic targeting of new therapies."
ArcherDX addresses the bottlenecks associated with using NGS in translational research by offering a robust platform for targeted sequencing applications. By combining proprietary Anchored Multiplexed PCR (AMP™) chemistry in an easy-to-use, lyophilized format with a powerful bioinformatics platform, ArcherDX technology dramatically enhances genetic mutation identification and discovery.
ArcherDX is headquartered in Boulder, Colorado.
Learn more at archerdx.com.
About Boulder Ventures
Founded in 1995, Boulder Ventures invests in experienced entrepreneurs and their teams building technology and life science companies in Colorado and the Mid-Atlantic region. The firm's portfolio companies in software, networking, data storage, drug discovery and tools, and technology enabled services, lead their markets through superior management, market vision, and differentiated products. Boulder Ventures has embraced this focused approach to successful venture capital investing for more than fifteen years, raising venture capital partnerships totaling $360 million in committed capital. Visit www.boulderventures.com.
About PBM Capital Group
PBM Capital Group, LLC. is a private investment firm primarily focused on healthcare investments. Led by Paul Manning, a successful entrepreneur, the PBM Capital Group partners with exceptional scientists, engineers and entrepreneurs who have developed game-changing technology that can improve and save the lives of millions of people. The goal is to create financially strong companies that change the way we live our lives through science, innovation, and creativity. PBM creates value by applying extensive industry knowledge and contacts, providing superior operational expertise and bringing entrepreneurial spirit to attractive investment opportunities. PBM Capital has invested in and helped grow several successful companies including AveXis, Dova Pharmaceuticals, Enzymatics, Breas Medical, ArcherDX, Firefly Bioworks, and Genometry. Visit www.pbmcap.com for more information.
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