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Foundation Medicine H1 Revenues Rise Sharply as it Awaits IPO

NEW YORK (GenomeWeb News) – Foundation Medicine's revenues through the first half of 2013 increased 363 percent year over year, the company said in its amended Form S-1 on Friday.

The Cambridge, Mass.-based firm, which filed to go public almost three weeks ago, said that revenues through June 30 rose to $11.1 million, compared to $2.4 million during the year-ago period. Net loss for the six months increased to $17.4 million from $11.3 million a year ago.

R&D spending spiked 68 percent year over year to $11.1 million from $6.6 million, while SG&A costs more than doubled to $12.6 million from $5.0 million.

Foundation said that it had $36.0 million in cash and cash equivalents and $32.2 million in working capital as of June 30.

The company said in its Form S-1 that it plans to raise as much as $86.3 million in its initial public offering, but has not said how many shares it anticipates offering or priced its shares. It plans to list on the Nasdaq under ticker symbol "FMI".

Goldman Sachs and JP Morgan Securities are the joint book-running managers on the offering. Leerink Swann and Sanford Bernstein are also named as underwriters.