NEW YORK (GenomeWeb News) – Pharmacogenomic test development firm Foundation Medicine today announced a collaboration with Novartis to develop, enhance, and optimize Foundation's cancer genome panel test.
The deal is Foundation's first with a drug firm, and if the pilot phase is successful the two companies will evaluate opportunities to commercialize the test.
"By delivering a clinical-grade analysis of molecular information, Foundation's dedicated clinical research team will help our partners more rapidly translate novel findings into therapeutically applicable results," Alexis Borisy, CEO of Cambridge, Mass.-based Foundation, said in a statement. "This collaboration is an important step forward for Foundation and could provide us with the basis for building successful cancer genome analysis platforms for future collaborations and partners."
Financial and other terms of the deal were not disclosed.
Privately-held Foundation raised $25 million in a Series A round of financing last April.