Banking & Finance  January 15, 2020

Arpeggio Biosciences raises $3.2M in seed round

BOULDER — Arpeggio Biosciences Inc. raised $3.2 million in its seed round this week as part of its drug testing 

The six-employee company, which lists its address at the same building as the University of Colorado Boulder’s BioFrontiers Institute, had an additional $2 million worth of investor interest in the round, according to a company statement.

The seed round has not been reported to the U.S. Securities and Exchange Commission as of Wednesday morning.

Arpeggio is developing a machine-learning system that analyzes how the cells of a patient reacts to a drug during clinical trials. That data can be used to more clearly determine how a drug produces both intended outcomes and unforeseen side effects.

The company plans to use the seed funding for ongoing development of a test to measure drug effects on a patient’s RNA.

Arpeggio raised just under $2.1 million in two pre-seed stage funding rounds last year, according to SEC records.

CEO Joey Azofeifa was named in Forbes Magazine’s 2020 Thirty Under Thirty in health care last month.

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