Original from: 360dx

Adaptive Biotechnologies said last week that its new subsidiary Digital Biotechnologies has held an initial closing of its Series A preferred stock financing and expects to raise up to $15 million in the round.

In a filing with the US Securities and Exchange Commission last Wednesday, Adaptive said the company currently owns 70 percent of Digital Biotechnologies and expects to retain nearly 50 percent ownership upon completion of the Series A round.

In an email, an Adaptive spokesperson said Digital Biotechnologies is "advancing sequencing technology designed to deliver more cost-effective and faster point-of-care diagnostic DNA testing." 

Digital Biotechnologies' mission is "adjacent to, but not core to, Adaptive's current strategic focus in immune medicine and minimal residual disease testing for hematologic malignancies," she added.

"The recently completed Series A financing will provide Digital with the resources to accelerate development and give the team greater autonomy to pursue its vision," the spokesperson said. "We are proud to have supported their journey to date and look forward to seeing their continued progress in the coming years with this new financing in place."

Adaptive declined to provide additional details on Digital Biotechnologies and its funding round.

Source: Adaptive Bio's New Clinical Sequencing Subsidiary to Raise up to $15M in Series A Financing