Revenue isn't yet growing fast enough for cancer diagnostics darling Foundation Medicine, making the recent New York State Department of Health approval of the Massachusetts company's two initial cancer tests all the more significant.
Diagnostics darling Foundation Medicine generated a large increase in revenue during its 2014 first quarter. But it also faced much higher net losses as it continued to pour more money into expanding its commercial and business development operations.
The bearish market that led Lombard Medical to delay its IPO and TriVascular Technologies to price below its range has scuttled a fundraise from diagnostics luminary Foundation Medicine.
Foundation Medicine will develop a companion diagnostic test for use with a Clovis Oncology drug now in mid-stage clinical trials to treat patients with ovarian cancer.
Foundation Medicine recently revealed plans to raise up to $150 million in a secondary offering to fuel R&D and announced on Thursday that it is teaming up with Clovis Oncology to develop an innovative companion diagnostic for ovarian cancer.
Cancer diagnostics wunderkind Foundation Medicine has revealed plans to raise as much as $150 million in a secondary offering to fuel domestic and international expansion and the development of new products to keep the growth engine running.
Investors drove Foundation Medicine's stock up more than 10% during late morning trading on Feb. 26. What got them moving? They responded to news that the cancer diagnostic darling continued to grow revenue at a healthy clip as 2013 came to a close.
The recently IPO'd Foundation Medicine has expanded its relationship with Novartis, lending out its gene-profiling technology to help the drugmaker develop cancer treatments.
Diagnostics luminary Foundation Medicine has expanded its relationship with pharma giant Novartis, giving the drugmaker more access to its gene profiling technology to develop cancer treatments.
Foundation Medicine is touting some promising new data highlighting the utility of its signature diagnostic technology for blood cancers, news that will help the newly public Massachusetts startup maintain development and commercial momentum.