Adaptive Biotechnologies announced Tuesday that it will sell 8 million shares of its common stock — 6 million of its own, and 2 million from an investor — to help accelerate the company’s work. The money will go toward investments in its TCR-Antigen Map activities, marketing activities associated with immunoSEQ Dx clinical products and services, and continued R&D for drug discovery initiatives.
The Seattle biotech giant went public last year. Shares dropped to a record low in March but have doubled since then, trading at around $43/share on Tuesday.
Adaptive, which is working with Microsoft and Amgen to fight COVID-19 using its technology for sequencing the human immune system, reported a 65% increase in first quarter revenue, to nearly $21 million.
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