Foundation Medicine is rolling out a cancer genomics software system for next-generation sequencing (NGS) tests, building out its offerings amid an increasingly stringent reimbursement environment.
Foundation Medicine has been riding a wave of good fortune this year, striking a deal with diagnostics heavyweight Roche to bolster its industry footprint and accelerate product development. But the company hit a rough patch in Q2, with slower-than-expected reimbursement for its tests and results that missed the Street's expectations.
Foundation Medicine and IMS Health have teamed up to offer a precision medicine service. The alliance brings together Foundation Medicine's cancer genomics database and IMS' real-world evidence platform, a combination the partners think can enable the effective use of more targeted therapies.
Foundation Medicine is teaming up with healthcare technology firm IMS Health to develop a new cancer diagnostics tool, deepening the company's dive into cancer R&D a few months after it finalized its $1.2 billion deal with Roche.
Foundation Medicine provided additional detail about Roche's multimillion-dollar investment in the cancer-focused molecular diagnostic company during its Q1 2015 earnings call.
Roche is not wasting any time after sealing its $1.2 billion deal for Foundation Medicine, charging full speed ahead with the companies' planned cancer R&D collaboration to generate growth in the coming year.
Roche sealed its $1.2 billion deal for Foundation Medicine, forging ahead with cancer R&D as it gains a majority stake in the company.
Foundation Medicine revealed a C-suite shakeup and changes to its board of directors as it nears the finish line of its pending deal with Roche.
Foundation Medicine has been on an upward trajectory as of late, inking deals with Big Pharma and expanding the reach for its gene-profiling technology. The company's hard work appears to be paying off, as Foundation's Q4 2014 revenues rose 93% to $18.7 million and oncologists ordered 7,233 of its clinical tests, compared to 3,752 tests ordered during the same quarter last year.
Yet another next-generation sequencing startup has disclosed that it's won financing. Lifecode, formerly known as Silicon Valley Biosystems, has garnered a $20.5 million Series A round from investors including Sequoia Capital, The Mayo Clinic and Mayo Ventures.