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Foundation Medicine Raises $10M, En Route to Launching Targeted Sequencing Test for Cancer Dx

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Foundation Medicine has raised $10 million of a planned $20.5 million financing round, according to documents filed with the US Securities and Exchange Commission this week.

The equity comes from a single, unnamed backer, and adds to the $25 million it raised in a Series A financing round last year.

The company, which is aiming for CLIA-certification by the end of the year, is currently developing a targeted sequencing-based cancer test that it plans to launch in the second quarter of 2012 (CSN 6/8/2011). It is also collaborating with pharmaceutical companies Novartis and Celgene (CSN 4/13/2011 and 5/17/2011).

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