Cash burn is a non-GAAP measure, is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly-titled measures presented by other companies. A limitation of using cash burn is that it does not represent the total change in cash, cash equivalents, and restricted cash for a period because it excludes cash provided by or used for other operating, investing or financing activities. High yield of RNA sequencing for targetable kinase fusions in lung adenocarcinomas with no driver alteration detected by DNA sequencing and low tumor mutation burden. Starting from risk profiling and diagnostic testing, moving to therapy optimization, monitoring and recurrence surveillance, Invitae can deliver the information needed to enable best-in-class personalized cancer care," said Sean George, Ph.D., co-founder and chief executive officer of Invitae. Learn more at www.archerdx.com and follow @ArcherDXInc on Twitter, Facebook and LinkedIn. We see STRATAFIDE DX™ as a significant near-term value driver, currently under development for cancer therapy optimization, while PCM™ provides an exciting opportunity to transform cancer care through multiple monitoring applications. Invitae has entered into a definitive agreement to sell $275 million in common stock in a private placement at a price of $16.85 per share. ET to discuss the transaction. Invitae's current expectations regarding its cash at transaction close would be approximately $425 million and its annualized near-term forward cash burn is expected to be approximately $130 million. The current state of molecular testing in the treatment of patients with solid tumors, 2019. subsidiary of Invitae, or Merger Sub B, ArcherDX, Inc., a Delaware corporation, or ArcherDX, and Kyle Lefkoff, solely in his capacity as holders’ representative, entered into an Agreement and Plan of Merger and Plan of Reorganization that provides for the acquisition of ArcherDX by Invitae. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Invitae ends medtech merger drought with ArcherDX deal Elizabeth Cairns The cash-and-stock deal, worth $886m up front, is the first major liquid biopsy acquisition since Roche bought Foundation Medicine. You may obtain free copies of these documents from Invitae as indicated above. We develop and commercialize research products, are developing in vitro diagnostic (IVD) products, and offer services that meet the unique needs of our customers and their clinical applications. Important factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking statements include, but are not limited to: the ability to successfully and profitably market our products and services; the acceptance of our products and services by patients and healthcare providers; the ability to meet demand for our products and services; the availability and sufficiency of reimbursement; the amount and nature of competition; the effects of the adoption, modification or repeal of any law, rule, order, interpretation or policy relating to the healthcare system, including without limitation as a result of any judicial, executive or legislative action; the impact of Covid-19 on the business of Invitae and Archer; Invitae's ability to manage its growth effectively; the ability of Invitae and Archer to successfully develop new products and services; the ability to effectively utilize strategic partnerships and acquisitions; the ability of Invitae and Archer to obtain and maintain regulatory approvals and comply with applicable regulations; the ability of Invitae and Archer to obtain the required regulatory approvals for the proposed merger and the approval of Invitae's and Archer's stockholders, and to satisfy the other conditions to the closing of the acquisition and related financing transactions on a timely basis or at all; the occurrence of events that may give rise to a right of one or both of Invitae and Archer to terminate the merger agreement; negative effects of the announcement or the consummation of the acquisition on the market price of Invitae's common stock and/or on the companies' respective businesses, financial conditions, results of operations and financial performance; significant transaction costs and/or unknown liabilities; the possibility that the anticipated benefits from the proposed acquisition of Archer cannot be realized in full or at all or may take longer to realize than expected; risks associated with contracts containing consent and/or other provisions that may be triggered by the proposed acquisition of Archer; risks associated with transaction-related litigation; the possibility that costs or difficulties related to the integration of Archer's operations with those of Invitae will be greater than expected; the ability of companies individually and the combined company to retain and hire key personnel; Invitae's failure to manage growth effectively; Invitae's need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; Invitae's ability to use rapidly changing genetic data to interpret test results accurately and consistently; security breaches, loss of data and other disruptions; laws and regulations applicable to Invitae's business, and the risks and uncertainties set forth in Invitae's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the Securities and Exchange Commission (the "SEC") and other written statements made by Invitae from time to time. © Invitae Corporation. Business: ArcherDX is a life sciences tools company that sells kits and software to researchers and clinicians to improve the speed and precision of sequence results. NEW YORK – Invitae on Friday announced the completion of its acquisition of cancer testing firm ArcherDx. Together, Invitae and ArcherDX will offer robust support for biopharmaceutical companies, from patient identification and screening, to biomarker identification and companion diagnostic development. Sign up to receive Invitae financial information by email. Stockholders, potential investors and other readers should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. Invitae's central laboratory provides support for customers who prefer to send out and can benefit from a full suite of services including reporting, clinician consultation and genetic counseling for patients, while ArcherDX's decentralized model supports geographies and customers where local control of patient reporting is either desired or required. Invitae to Merge with ArcherDX In one of the year’s most significant deals, Invitae announced on June 22 that it plans to acquire fellow cancer genetics firm ArcherDX for $1.4 billion, including $325 million in cash, 30 million shares of Invitae common stock upfront and 27 million more shares later upon the achievement of certain milestones. About InvitaeInvitae Corporation (NYSE: NVTA) is a leading medical genetics company whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Prior to the ArcherDX acquisition, Invitae only provided germline cancer genetic testing. On October 2, 2020, Invitae Corporation (the “Company”) consummated the acquisition of ArcherDX, Inc., a Delaware corporation (“ArcherDX”), pursuant to the terms of the previously announced Agreement and Plan of Merger and Plan of Reorganization (the “Merger Agreement”), dated as of June 21, 2020, by and among the Company, Apollo Merger Sub A Inc., a … Under the terms of the agreement, Invitae will acquire ArcherDX for upfront consideration consisting of 30 million shares of Invitae common stock and … Invitae and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Invitae Completes Transaction with ArcherDX to Bring Comprehensive Cancer Genetics and Precision Oncology to Patients Worldwide. Our research product portfolio consists of VariantPlex®, FusionPlex®, LiquidPlex™ and Immunoverse™, which we collectively refer to as ArcherPlex™. Perella Weinberg Partners served as lead financial advisor to Invitae in connection with the business combination and Cowen served as co-financial advisor. The merger, which Invitae announced in June, adds tumor profiling and liquid biopsy technologies for predicting and monitoring therapeutic response to Invitae's service offerings. April 2019. Together with Invitae, we look forward to expanding our impact beyond oncology, driving significant value through shared expertise to inform healthcare throughout life, globally. 1 When the merger with ArcherDx closes, Invitae expects to have $425 million in cash with an annualized cash burn rate of around $130 million. Genetic testing services provider Invitae (NYSE:NVTA) has agreed to acquire privately held cancer molecular diagnostic test developer ArcherDx (RCHR), which … http://www.prnewswire.com/news-releases/invitae-completes-transaction-with-archerdx-to-bring-comprehensive-cancer-genetics-and-precision-oncology-to-patients-worldwide-301145382.html. ArcherDX is a leading genomic analysis company democratizing precision oncology through a suite of products and services that are highly accurate, personal, actionable and easy to use in local settings. Transaction DetailsUnder the terms of the Agreement and Plan of Merger and Plan of Reorganization, Invitae acquired ArcherDX for upfront consideration consisting of 30.0 million shares of Invitae common stock and $325.0 million in cash, subject to certain adjustments. Featured. All statements other than statements of historical facts included in this presentation regarding strategies, synergies, prospects, financial results, operations, costs, plans and objectives, are forward-looking statements. Information about Invitae's directors and executive officers is available in Invitae's proxy statement dated April 29, 2020 for its 2020 Annual Meeting of Stockholders. staff reporter. "ArcherDX and Invitae share a foundational belief in the power of genomic information to impact care. Actual results, conditions and events may differ materially from those indicated in the forward-looking statements. Following prepared remarks, management will respond to questions from analysts, subject to time limitations. ArcherDX has developed and commercialized over 325 unique products, including research products and services in use by more than 300 laboratories worldwide and has collaborated with more than 50 biopharmaceutical companies and contract research organizations (CROs), providing services that enable biopharmaceutical companies, including partners such as AstraZeneca, BMS and Bayer, to cost-effectively accelerate drug development. This will have it making an upfront payment of … In Monday morning trading on the New York Stock Exchange, shares of Invitae were up around 21 percent at $22.68. "Invitae is on a mission to increase access to molecular medicine to all who can benefit, and the addition of the ArcherDX platform builds out an important segment serving the current and future oncology landscape.". © Invitae Corporation. ", Accelerating access and adoption of genetics to improve cancer care, Broad adoption of precision oncology has been limited, particularly in regional and community settings where approximately 85 percent of patients receive care.1 Without precision oncology, late-stage cancer patients can suffer from poor prognosis and outcomes, while early-stage patients may receive an inaccurate prognosis that results in unnecessary treatment and delayed detection of recurrence.2,3. In connection with the proposed transaction, Invitae will file with the SEC a registration statement on Form S-4, which will include a document that serves as a proxy statement/prospectus of Invitae (the "proxy statement/prospectus"), and will file other documents regarding the proposed transaction with the SEC. ArcherDX is also currently developing in-vitro diagnostic (IVD) products, including STRATAFIDE. Under the terms of the agreement, Invitae will acquire ArcherDX for upfront consideration consisting of 30 million shares of Invitae common stock and $325 million in cash, plus up to an additional 27 million shares of Invitae common stock payable in connection with the achievement of certain milestones, for an overall transaction valued at approximately $1.4 billion. Our ArcherDX® platform, with our proprietary Anchored Multiplex PCR (AMP™) chemistry at the core, has enabled us to develop industry-leading products and services with the goal to optimize therapy and enable cancer monitoring across sample types. In addition, Invitae issued to Perceptive warrants to purchase 1.0 million shares of Invitae common stock. In connection with the acquisition, Invitae sold $275.0 million of common stock to certain accredited investors in a private placement. Invitae was the year's main dealmaker; besides the merger with ArcherDx, the San Francisco-based company also acquired YouScript, GeneLex, and Diploid in March. The company will also conduct a $275m private placement supported by existing investors in both companies, which is to close at the same time as the merger. In connection with the acquisition, Invitae entered into a credit agreement and guaranty with Perceptive Credit Opportunities Holdings III, LP providing for a senior secured term loan facility, and on October 2, 2020, borrowed an aggregate principal amount of $135.0 million under the credit agreement and guaranty. ArcherDX is headquartered in Boulder, Colorado. ", "Integrating all aspects of cancer genetics can transform care for patients and the flexibility that comes from both centralized and decentralized capabilities will uniquely position Invitae to meet the needs of customers worldwide," continued Dr. George. Cell. Co-investors: PBM Capital, Longwood, Peierls Foundation. The combined company will be poised to transform care for cancer patients, accelerating adoption of genetics through the most comprehensive suite of products and services available. Uniting Invitae and ArcherDX will offer comprehensive support for precision oncology. All other trademarks and service marks are the property of their respective owners. San Francisco, CA, 94103 INTRODUCTORY NOTE. Invitae Corporation (NYSE: NVTA) is a leading medical genetics company, whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Jun 22, 2020. Evercore and J.P. Morgan Securities LLC acted as financial advisors to Archer. 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