Foundation Medicine is a molecular information company focused on transforming cancer care by using genomic profiling to match patients with targeted therapies and clinical trials. Its flagship product, FoundationOne, is a next-generation sequencing-based genomic assay for all solid tumors that was launched in June 2012 and reports genomic alterations matched with therapies and clinical trials. FoundationOne has been ordered by more than 700 oncologists from 21 countries. The company plans to expand commercial operations and clinical trials, scale laboratory capabilities, and develop additional genomic profiling and information services. To support those plans, Foundation Medicine expanded its Series B financing to $56 million, with proceeds earmarked for growing lab capacity, commercial efforts, and clinical studies. Foundation Medicine develops a clinical-grade cancer diagnostic test that uses next-generation sequencing to analyze small, routine FFPE tumor specimens for alterations in more than 200 cancer-related genes. Test results are reported through a secure, interactive website that links genomic data to a structured knowledge base and provides information on relevant clinical trials. The company is building the platform to serve as a decision‑support tool for pathologists and oncologists, helping match patients to targeted treatments and trials. Foundation Medicine has collaborations with Novartis and Celgene and says it has leveraged a strong financial position to support CLIA certification. Management planned CLIA certification in the fourth quarter followed by a national commercial launch of the test in 2012. Founding advisors and a management team with expertise in genome technology, cancer biology and information sciences support the company’s development and commercialization efforts.

Total raised

$47M

Funding rounds

2

Latest round

Series B

Latest activity

Jan 2013