Foundation Medicine, a Cambridge MA-based molecular technology company focused on cancer treatment, has closed a $42.5m Series B funding.
Backers include new investors Deerfield Management Company, Casdin Capital, Redmile Group, Roche Venture Fund and WuXi Corporate Venture Fund. They joined founding investor Third Rock Ventures and existing investor Google Ventures and Kleiner Perkins Caufield & Byers. One undisclosed fund and one undisclosed strategic investor also joined the round.
The company intends to use the funding to expand commercial operations, scale laboratory capabilities and develop additional genomic profiling and information services.
Led by Michael Pellini, M.D., president and CEO, Foundation Medicine provides FoundationOne, a genomic assay for all solid tumors that identifies oncogenic alterations in the tumor and gives a concise report to help physicians match patients with the targeted drugs or clinical trials that may be best suited for their cancer.
Launched in June 2012, the assay has already been ordered by more than 400 physicians from 16 countries.