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Foundation Medicine Raises Additional $13.5M in Series B Round

NEW YORK (GenomeWeb News) — Foundation Medicine said today that it has raised an additional $13.5 million in its Series B round of financing, bringing the total raised in the round to $56 million.

The company raised $42.5 million in the first closing of the round in September.

New investors include Bill Gates, Evan Jones, and Yuri Milner, joining existing investors Deerfield Management Company, L.P., Casdin Capital, Redmile Group, Roche Venture Fund, WuXi Corporate Venture Fund, and Laboratory Corporation of America Holdings. Other investors in the company include Third Rock Ventures, Google Ventures, and Kleiner Perkins Caufield & Byers.

The company said that proceeds from the financing will allow it to expand its commercial operations and clinical trials, scale its laboratory capabilities, and develop new genomic profiling and information services.

The company also announced that Evan Jones will join its board of directors. Jones is the managing member of jVen Capital and previously was the co-founder, chairman, and CEO of Digene.