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.
SAN FRANCISCO--More than a few presentations at the JP Morgan Healthcare conference this week sought to address the future of next-generation sequencing, particularly with the huge waves of related news.
Roche is throwing the full weight of its global rep and more than $1 billion behind Foundation Medicine's ambitious sequencing technology, designed to tailor cancer treatment to particular patients and guide development of new cancer drugs.
Roche is shelling out $1 billion plus milestone payments for a majority share in Foundation Medicine, bolstering its diagnostics offerings for cancer and continuing its dealmaking streak.
Roche is throwing the full weight of its global rep and more than a billion dollars behind Foundation Medicine's ambitious sequencing technology for guiding the personalized treatment of cancer as well as the development of new oncology meds. The pharma giant has wrapped a deal to buy up a majority stake in the molecular diagnostics company for $780 million at $50 a share--a premium rate that's more than twice Friday's close of $23.93.
Flatiron Health has revealed part of how it plans to develop into the disruptive force in cancer drug R&D that investors envisaged when they gave it $130 million in May. The latest piece of the plan is a deal with testing firm Foundation Medicine, which will contribute genomic profiling data to a cancer analytics platform.
Diagnostics luminary Foundation Medicine is generating some upward momentum, fueled by growing revenues and the success of its clinical tests. Tech giant Google has taken note and is signing onto the company's cancer diagnostics by offering them to employees.
WuXi PharmaTech has struck a deal with the genomics experts at Foundation Medicine, signing on to offer the company's cancer-decoding services to drug developers in its native China.