Foundation Medicine announced the completion of a $42.5 million Series B financing. In this round, public crossover funds Deerfield Management Company, L.P., Casdin Capital, Redmile Group and one undisclosed fund, and strategic investors Laboratory Corporation of America® Holdings (LabCorp®), Roche Venture Fund and WuXi Corporate Venture Fund, joined founding investor Third Rock Ventures and current venture capital backers Google Ventures and Kleiner Perkins Caufield & Byers. Foundation Medicine's board of directors remains unchanged.
"In just two years, Foundation Medicine has turned promising science into an established business that is changing the way cancer is treated," said William Slattery, partner at Deerfield Management Company, L.P.
"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. 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."
The proceeds from the financing will help Foundation Medicine expand commercial operations, scale laboratory capabilities and develop additional genomic profiling and information services.
FoundationOne™ is a genomic assay for all solid tumors that identifies oncogenic alterations in the tumor and provides a concise report to help physicians match patients with the targeted drugs or clinical trials that may be best suited for their unique cancer. Launched in June 2012, FoundationOne has already been ordered by more than 400 physicians from 16 countries.
"Over 80 percent of cancer care occurs in the community. It is critical that patients and oncologists have access to information to help them understand what treatment options may be available," said Krishna Yeshwant, M.D., partner, Google Ventures. "Genomic data, combined with clinical outcomes as more patients are treated, will inform and improve the development of new cancer drugs and serve as a powerful resource for patients. We are excited to continue our collaboration with Foundation Medicine as they work to bring genomics to clinical medicine and impact the care of millions."
"It has been our privilege to serve our initial physician clients and their patients," said Michael Pellini, M.D., president and CEO of Foundation Medicine. "Their stories and early successes are the primary motivation for our work and we are grateful to have assembled such an outstanding group of investors to support our mission. The financial and strategic capabilities of this syndicate will help us take Foundation Medicine to the next level."