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Foundation Medicine Raises $10M, Targeting $20.5M

NEW YORK (GenomeWeb News) – Foundation Medicine has raised $10 million toward a $20.5 million financing round, the company disclosed in a regulatory filing with the US Securities and Exchange Commission on Tuesday.

A company spokesman declined to comment on the filing or provide information on investors in the round. According to the SEC document, one investor has participated in the equity round so far.

Foundation Medicine CEO Michael Pellini told GenomeWeb Daily News sister publication Clinical Sequencing News in June that the firm intends to obtain CLIA certification for its sequencing-based cancer test this year and to launch it as a laboratory-developed test in the second quarter of 2012.

The Cambridge, Mass.-based pharmacogenomics company previously raised $25 million in a Series A round last year. Since the start of the year, it has inked two deals, one with Novartis and the other with Celgene, for use of its genomic tests in clinical trials.

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