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Foundation Medicine Raises $33.5M to Support Commercialization of Cancer Dx Panel

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Foundation Medicine has raised $33.5 million in a Series A financing round to support the commercialization of its targeted sequencing-based cancer diagnostic panel.

Investors include Third Rock Ventures, as well as new investors Kleiner Perkins Caufield & Byers and Google Ventures.

"We are continuing to build upon the momentum achieved through our collaborations with Novartis and Celgene announced earlier this year, and we have leveraged our strong financial position to support CLIA certification in the fourth quarter of this year followed by a successful commercial launch," Foundation Medicine's president and CEO Michael Pellini, said in a statement.

The company is planning to launch a cancer diagnostic in the second quarter of next year that would sequence around 200 cancer genes, searching for actionable mutations that could guide a patient's next course of treatment (CSN 6/8/2011).

As part of the financing round, Krishna Yeshwant from Google Ventures and Brook Byers at KPCB will join Foundation's board of directors.

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