Foundation Medicine completes $42.5M Series B financing
Friday, September 21, 2012
Foundation Medicine, a Cambridge, Mass.-based molecular information company focused on bringing comprehensive cancer genomic analysis to routine clinical care, has completed a $42.5 million Series B financing.
Funding came from founding investor Third Rock Ventures, Google Ventures and Kleiner Perkins Caufield & Byers, LabCorp, Roche Venture Fund and WuXi Corporate Venture Fund, as well as public crossover funds Deerfield Management, Casdin Capital, Redmile Group and an undisclosed fund. The foundation’s board of directors remains unchanged.
“In just two years, Foundation Medicine has turned promising science into an established business that is changing the way cancer is treated,” said William Slattery, partner at Deerfield Management. “While the medical world readily accepts that genomic drivers are the key to matching patients with cancer to the best treatment for their disease, Foundation Medicine has successfully brought this concept to clinical practice. Their single, comprehensive assay uncovers cancer-driving pathways in a patient’s tumor and can inform treatment decisions.”
The proceeds from the financing will help Foundation Medicine expand commercial operations, scale laboratory capabilities and develop additional genomic profiling and information services. FoundationOne is a genomic assay for all solid tumors that identifies oncogenic alterations in the tumor and provides a concise report to help physicians match patients with the targeted drugs or clinical trials that may be best suited for their unique cancer. Launched in June 2012, FoundationOne has already been ordered by more than 400 physicians from 16 countries.
“It is critical that patients and oncologists have access to information to help them understand what treatment options may be available,” said Krishna Yeshwant, partner at Google Ventures. “Genomic data, combined with clinical outcomes as more patients are treated, will inform and improve the development of new cancer drugs and serve as a powerful resource for patients. We are excited to continue our collaboration with Foundation Medicine as they work to bring genomics to clinical medicine and impact the care of millions.”