Foundation Medicine, Inc.
Company typeSubsidiary
Headquarters
Cambridge, Massachusetts
,
United States
Key people
Brian Alexander (CEO)
ProductsFoundationOne CDx FoundationOne Liquid FoundationOne Heme Foundation Insights FoundationSmartTrials
RevenueIncrease $152.9 million (2017)[1]
OwnersRoche
Websitefoundationmedicine.com

Foundation Medicine, Inc. is an American company based in Cambridge, Massachusetts, which develops, manufactures, and sells genomic profiling assays based on next-generation sequencing technology for solid tumors, hematologic malignancies, and sarcomas.[2]

History

Foundation Medicine was founded in Cambridge, Massachusetts.[3] The company was conceived after Broad Institute researchers Levi Garraway and Matthew Meyerson published a 2007 paper detailing a method for large-panel testing of 238 DNA mutations.[4]

Foundation Medicine launched in 2010 with a $25 million Series A financing led by Third Rock Ventures.[5] The company released its first commercial assay, or test, called FoundationOne in 2012.[6] The company also began partnering with pharmaceutical companies to analyze patient samples.[4] The first such program was piloted with Novartis in 2011,[5] and by 2018, the company had more than 30 partnerships.[7]

Foundation Medicine launched its second test, a hematological biomarker assay called FoundationOneHeme, in 2013.[8] The company held its initial public offering in August 2013.[9] The following year, Priority Health in Michigan became the first healthcare plan in the United States to cover the company's tests.[10]

In 2016, using FoundationCore data, Foundation Medicine released anonymized records detailing genomic data on cancers from 18,000 adult patients to the National Cancer Institute's (NCI) Genomic Data Commons (GDC) portal.[11]

In 2018, Roche acquired Foundation Medicine, and currently operates it as a subsidiary.[12][13]

Guardant Health sued Foundation Medicine over patents in 2019–2020.[14][15] In 2021, Guardant Health licensed intellectual property to Foundation Medicine for $25 million in a settlement.[16]

Products

Foundation Medicine's products include genomic tests for solid tumors and blood-based cancers and sarcomas,[17] as well as data services.

References

  1. ^ "Foundation Medicine Announces 2017 Fourth Quarter and Year-End Results, Recent Highlights and 2018 Outlook | Foundation Medicine".
  2. ^ Staff (15 January 2015). "Cambridge startup soars on Roche stake". Business. The Boston Globe.
  3. ^ Allan Maurer (September 28, 2017). "Foundation Medicine building RTP lab into key hub". WRAL TechWire. Retrieved 18 January 2018. Foundation, founded in Cambridge, Mass., in 2010
  4. ^ a b Adrienne Burke (February 21, 2012). "Foundation Medicine: Personalizing Cancer Drugs". MIT Technology Review. Retrieved 18 January 2018.
  5. ^ a b Julia Karow (April 13, 2011). "Foundation Medicine Developing Targeted Sequencing Test for 'Clinically Actionable' Cancer Genes". Genome Web. Retrieved 18 January 2018.
  6. ^ Ron Winslow (January 12, 2015). "Roche Holding to Pay $1.03 Billion for Diagnostics-Firm Stake". The Wall Street Journal. Retrieved 18 January 2018.
  7. ^ Julia Karrow (8 March 2018). "Foundation Medicine to Grow Clinical Testing, Pharma Business in 2018". GenomeWeb. Retrieved 18 June 2018.
  8. ^ a b Julia Karow (December 11, 2013). "LabCorp Steps into NGS-based Oncology Market as Foundation Medicine Adds Hematologic Cancer Test". Genome Web. Retrieved 18 January 2018.
  9. ^ Don Seiffert (December 4, 2014). "Foundation Medicine still growing a year after launching blood-cancer test". Boston Business Journal. Retrieved 18 January 2018.
  10. ^ Don Seiffert (November 20, 2014). "Foundation Medicine's shares gain on flurry of good news ahead of earnings call". Boston Business Journal. Retrieved 18 January 2018.
  11. ^ Constance Gustke (July 6, 2017). "Joe Biden's moonshot to crack the code on cancer, one of the biggest killers in America". CNBC. Retrieved 18 January 2018.
  12. ^ Shields M, Hirschler B (19 June 2018). "Roche pays $2.4 billion for rest of cancer expert Foundation Medicine". Reuters.
  13. ^ "Roche and Foundation Medicine reach definitive merger agreement to accelerate broad availability of comprehensive genomic profiling in oncology".
  14. ^ Han, Andrew P. (January 6, 2020). "Guardant Health CEO Deleted Email Evidence After Lawsuit Deposition". GenomeWeb. Retrieved September 6, 2022.
  15. ^ Leuty, Ron (November 24, 2020). "Showdown over 'liquid biopsy' patents lands two cancer test players in court again". San Francisco Business Times. Retrieved September 1, 2022.
  16. ^ "Guardant Health to License IP to Foundation Medicine for $25M, Royalties Under Settlement Agreement". GenomeWeb. May 21, 2021. Retrieved September 6, 2022.
  17. ^ Dr. Hung Tran (23 April 2018). "Foundation Medicine: To Profit From The Increasing Trend Of Personalized Treatment". Seeking Alpha. Retrieved 13 September 2018.
  18. ^ Jonathan Saltzman (June 20, 2018). "Roche will pay $2.4 billion to complete its takeover of Foundation Medicine". The Boston Globe. Retrieved 13 September 2018.
  19. ^ Alex Philippidis (January 16, 2018). "Pfizer Joins Foundation Medicine to Develop Cancer CDx". GEN. Retrieved 18 January 2018.

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