Foundation Medicine

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Foundation Medicine, Inc.
TypeSubsidiary
Headquarters,
United States
Key people
Brian Alexander (CEO)
ProductsFoundationOne CDx FoundationOne Liquid FoundationOne Heme Foundation Insights FoundationSmartTrials
RevenueIncrease $152.9 Million (2017)[1]
OwnersRoche
Number of employees
1,300[2]
Websitefoundationmedicine.com

Foundation Medicine, Inc. is an American company based in Cambridge, Massachusetts which develops, manufactures, and sells genomic profiling assays based on next-generation sequencing technology for solid tumors, hematologic malignancies, and sarcomas.[3]

History[]

Foundation Medicine was founded in Cambridge, Massachusetts.[4] The company was conceived after Broad Institute researchers Levi Garraway and Matthew Meyerson published a 2007 paper detailing a method for large-panel testing of 238 DNA mutations.[5]

Foundation Medicine launched in 2010 with a $25 million Series A financing led by Third Rock Ventures.[6] The company released its first commercial assay, or test, called FoundationOne in 2012.[7] The company also began partnering with pharmaceutical companies to analyze patient samples.[5] The first such program was piloted with Novartis in 2011,[6] and by 2018, the company had more than 30 partnerships.[8]

Foundation Medicine launched its second test, a hematological biomarker assay called FoundationOneHeme, in 2013.[9] The company held its initial public offering in August 2013.[10] The following year, Priority Health in Michigan became the first healthcare plan in the United States to cover the company’s tests.[11]

In 2016, using FoundationCore data, Foundation Medicine released anonymized records detailing genomic data on cancers from 18,000 adult patients to the National Cancer Institute’s (NCI) Genomic Data Commons (GDC) portal.[12]

In June, 2018, Roche announced it would acquire Foundation Medicine.[13]

Foundation Medicine is now a subsidiary of Roche and It operates independently.[14]

Products[]

Foundation Medicine’s products include genomic tests used to test solid tumors and blood-based cancers and sarcomas,[15] as well as data services.

  • FoundationOne CDx is a CGP test providing information for five tumor types: ovarian, lung, breast, colorectal, and melanoma.[16]
  • FoundationOne Liquid
  • FoundationOne Heme[9]
  • The company’s FoundationCore database contains more than 300,000 genomic profiles sourced from the results of the company’s assays as well as information on over 150 subtypes of cancer.[17]

References[]

  1. ^ "Foundation Medicine Announces 2017 Fourth Quarter and Year-End Results, Recent Highlights and 2018 Outlook | Foundation Medicine".
  2. ^ https://www.owler.com/company/foundationmedicine
  3. ^ Staff (15 January 2015). "Cambridge startup soars on Roche stake". Business. The Boston Globe.
  4. ^ Allan Maurer (September 28, 2017). "Foundation Medicine building RTP lab into key hub". WRAL TechWire. Retrieved 18 January 2018. Foundation, founded in Cambridge, Mass., in 2010
  5. ^ a b Adrienne Burke (February 21, 2012). "Foundation Medicine: Personalizing Cancer Drugs". MIT Technology Review. Retrieved 18 January 2018.
  6. ^ a b Julia Karow (April 13, 2011). "Foundation Medicine Developing Targeted Sequencing Test for 'Clinically Actionable' Cancer Genes". Genome Web. Retrieved 18 January 2018.
  7. ^ Ron Winslow (January 12, 2015). "Roche Holding to Pay $1.03 Billion for Diagnostics-Firm Stake". The Wall Street Journal. Retrieved 18 January 2018.
  8. ^ Julia Karrow (8 March 2018). "Foundation Medicine to Grow Clinical Testing, Pharma Business in 2018". GenomeWeb. Retrieved 18 June 2018.
  9. ^ a b Julia Karow (December 11, 2013). "LabCorp Steps into NGS-based Oncology Market as Foundation Medicine Adds Hematologic Cancer Test". Genome Web. Retrieved 18 January 2018.
  10. ^ Don Seiffert (December 4, 2014). "Foundation Medicine still growing a year after launching blood-cancer test". Boston Business Journal. Retrieved 18 January 2018.
  11. ^ Don Seiffert (November 20, 2014). "Foundation Medicine's shares gain on flurry of good news ahead of earnings call". Boston Business Journal. Retrieved 18 January 2018.
  12. ^ Constance Gustke (July 6, 2017). "Joe Biden's moonshot to crack the code on cancer, one of the biggest killers in America". CNBC. Retrieved 18 January 2018.
  13. ^ Shields M, Hirschler B (19 June 2018). "Roche pays $2.4 billion for rest of cancer expert Foundation Medicine". Reuters.
  14. ^ "Roche and Foundation Medicine reach definitive merger agreement to accelerate broad availability of comprehensive genomic profiling in oncology".
  15. ^ Dr. Hung Tran (23 April 2018). "Foundation Medicine: To Profit From The Increasing Trend Of Personalized Treatment". Seeking Alpha. Retrieved 13 September 2018.
  16. ^ Jonathan Saltzman (June 20, 2018). "Roche will pay $2.4 billion to complete its takeover of Foundation Medicine". The Boston Globe. Retrieved 13 September 2018.
  17. ^ Alex Philippidis (January 16, 2018). "Pfizer Joins Foundation Medicine to Develop Cancer CDx". GEN. Retrieved 18 January 2018.

External links[]

Official website

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