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Foundation Medicine Completes $42.5M Round of Financing

NEW YORK (GenomeWeb News) – Foundation Medicine has completed a $42.5 million Series B round of financing, the Cambridge, Mass.-based firm announced today.

Investors in the round included Deerfield Management, Casdin Capital, Redmile Group, Roche Venture Fund, and WuXi Corporate Venture Fund, along with founding investor Third Rock Ventures and current venture capital backers Google Ventures and Kleiner Perkins Caufield & Byers. An undisclosed fund and an undisclosed strategic investor also participated in the round.

Foundation intends to use the funds to expand its commercial operations, scale its laboratory capabilities, and develop additional genomic profiling and information services.

The firm launched its FoundationOne genomic assay, which identifies oncogenic alterations in tumors and helps physicians match patients with targeted drugs or clinical trials, this past June. Since then, more than 400 physicians from 16 countries have ordered the test.

The latest financing round closed almost a year after Foundation Medicine closed its Series A round, in which it raised $33.5 million.

"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," William Slattery, a partner at Deerfield Management, said in a statement. "Their single, comprehensive assay uncovers cancer-driving pathways in a patient's tumor and can inform treatment decisions. We look forward to supporting the company's continued commercial acceleration."

Foundation Medicine received CLIA certification of its lab earlier this year and has inked several partnerships since then, including deals with Array BioPharma, N-of-One, Novartis, and Clovis. It also has biomarker identification alliance with Johnson & Johnson.

The firm noted that its board of directors remains unchanged following this round.