Foundation Medicine Explained

Foundation Medicine, Inc.
Type:Subsidiary
Traded As:NASDAQ:
Founders:-->
Hq Location City:Cambridge, Massachusetts
Hq Location Country:United States
Areas Served:-->
Key People:Daniel Malarek (CEO)
Parent:Roche
Products:FoundationOne CDx FoundationOne Liquid FoundationOne Heme Foundation Insights FoundationSmartTrials
Revenue: $152.9 million (2017)[1]

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.

Notes and References

  1. Web site: Foundation Medicine Announces 2017 Fourth Quarter and Year-End Results, Recent Highlights and 2018 Outlook | Foundation Medicine.
  2. News: Cambridge startup soars on Roche stake . Business . Staff . 15 January 2015 . .
  3. News: Foundation Medicine building RTP lab into key hub . Allan Maurer . WRAL TechWire . September 28, 2017 . 18 January 2018 . Foundation, founded in Cambridge, Mass., in 2010.
  4. News: Foundation Medicine: Personalizing Cancer Drugs . Adrienne Burke . MIT Technology Review . February 21, 2012 . 18 January 2018 .
  5. News: Foundation Medicine Developing Targeted Sequencing Test for 'Clinically Actionable' Cancer Genes . Julia Karow . Genome Web . April 13, 2011 . 18 January 2018 .
  6. News: Roche Holding to Pay $1.03 Billion for Diagnostics-Firm Stake . Ron Winslow . The Wall Street Journal . January 12, 2015 . 18 January 2018 .
  7. News: Foundation Medicine to Grow Clinical Testing, Pharma Business in 2018 . Julia Karrow . GenomeWeb. 8 March 2018. 18 June 2018 .
  8. News: LabCorp Steps into NGS-based Oncology Market as Foundation Medicine Adds Hematologic Cancer Test . Julia Karow . Genome Web . December 11, 2013 . 18 January 2018 .
  9. News: Foundation Medicine still growing a year after launching blood-cancer test . Don Seiffert . Boston Business Journal . December 4, 2014 . 18 January 2018 .
  10. News: Foundation Medicine's shares gain on flurry of good news ahead of earnings call . Don Seiffert . Boston Business Journal . November 20, 2014 . 18 January 2018 .
  11. News: Constance Gustke. Joe Biden's moonshot to crack the code on cancer, one of the biggest killers in America. July 6, 2017. CNBC. 18 January 2018.
  12. Michael . Shields . Ben . Hirschler . vanc . Roche pays $2.4 billion for rest of cancer expert Foundation Medicine. https://web.archive.org/web/20180619214300/https://uk.reuters.com/article/us-roche-hldg-m-a-fmi/roche-pays-2-4-billion-for-rest-of-cancer-expert-foundation-medicine-idUKKBN1JF0F3 . dead . June 19, 2018 . 19 June 2018 . Reuters .
  13. Web site: Roche and Foundation Medicine reach definitive merger agreement to accelerate broad availability of comprehensive genomic profiling in oncology .
  14. Web site: Han . Andrew P. . Guardant Health CEO Deleted Email Evidence After Lawsuit Deposition . . September 6, 2022 . January 6, 2020.
  15. Leuty . Ron . Showdown over 'liquid biopsy' patents lands two cancer test players in court again . San Francisco Business Times . November 24, 2020 . September 1, 2022.
  16. Web site: Guardant Health to License IP to Foundation Medicine for $25M, Royalties Under Settlement Agreement . GenomeWeb . September 6, 2022 . May 21, 2021.
  17. News: Foundation Medicine: To Profit From The Increasing Trend Of Personalized Treatment . Dr. Hung Tran . Seeking Alpha . 23 April 2018 . 13 September 2018.
  18. News: Roche will pay $2.4 billion to complete its takeover of Foundation Medicine . Jonathan Saltzman . The Boston Globe . June 20, 2018 . 13 September 2018 . 14 September 2018 . https://web.archive.org/web/20180914203721/https://www.bostonglobe.com/business/2018/06/20/roche-will-pay-billion-complete-its-takeover-foundation-medicine/yXemI8Wh8BwZg8tuOzrV0N/story.html . dead .
  19. News: Pfizer Joins Foundation Medicine to Develop Cancer CDx . Alex Philippidis . GEN . January 16, 2018 . 18 January 2018 .

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Foundation Medicine".

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