Foundation Medicine Closes $33.5M Expanded Series A Financing

Foundation Medicine, Inc., a Cambridge, MA-based cancer diagnostics company that aims to bring comprehensive cancer genome analysis to routine care, has closed an expanded Series A financing, bringing the total amount raised in the round to $33.5m.

Backers include founding investor Third Rock Ventures, and new investors Kleiner Perkins Caufield & Byers (KPCB) and Google Ventures.

The company intends to use the funding to advance toward a national commercial launch of its cancer diagnostic test in 2012.

Led by president and CEO Michael J. Pellini, M.D., Foundation Medicine develops comprehensive cancer diagnostics that will help physicians inform treatment decisions based on an individual patient’s molecular cancer subtype.
The company’s first laboratory test, based on a targeted, massively parallel sequencing platform, is designed to accommodate a broad landscape of cancer genome information and a growing repertoire of targeted treatments and clinical research opportunities. It will assist physicians to make informed determinations about the best cancer treatments and clinical trial options for each patient, taking into account each patient’s unique cancer-associated alterations alongside publicly available scientific and medical information.

In conjunction with the financing, Brook Byers, partner, KPCB, and Krishna Yeshwant, M.D., partner, Google Ventures, will join Foundation Medicine’s board of directors.



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