Organization:Foundation Medicine

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Short description: American genomics company
Foundation Medicine, Inc.
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 June 2018, Roche announced it would acquire Foundation Medicine.[12]

Guardant Health sued Foundation Medicine over patents in 2019–2020.[13][14] In 2021, Guardant Health licensed intellectual property to Foundation Medicine for $25 million in a settlement.[15]

Foundation Medicine is now a subsidiary of Roche and It operates independently.[16]

Products

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

  • FoundationOne CDx is a CGP test providing information for five tumor types: ovarian, lung, breast, colorectal, and melanoma.[18]
  • FoundationOne Liquid
  • FoundationOne Heme[8]
  • The company's FoundationCore database contains more than 300,000 genomic profiles sourced from the results of the company's assays as well as information on over 150 subtypes of cancer.[19]

References

  1. ↑ "Foundation Medicine Announces 2017 Fourth Quarter and Year-End Results, Recent Highlights and 2018 Outlook | Foundation Medicine". https://www.foundationmedicine.com/press-releases/8127fc29-d70f-45b2-893c-330957e601bf#:~:text=Total%20revenue%20for%20the%20year,to%20%24116.9%20million%20in%202016.&text=A%20total%20of%2067%2C375%20clinical,%2C%20an%20increase%20of%2054%25.. 
  2. ↑ Staff (15 January 2015). "Cambridge startup soars on Roche stake". The Boston Globe. https://www.bostonglobe.com/business/2015/01/18/foundation-medicine-soars-roche-investment/Gz2soneGH1UmWbwf6Ym9JK/story.html. 
  3. ↑ Allan Maurer (September 28, 2017). "Foundation Medicine building RTP lab into key hub". WRAL TechWire. https://www.wraltechwire.com/2017/09/28/foundation-medicine-building-rtp-lab-into-key-hub/. "Foundation, founded in Cambridge, Mass., in 2010" 
  4. ↑ 4.0 4.1 Adrienne Burke (February 21, 2012). "Foundation Medicine: Personalizing Cancer Drugs". MIT Technology Review. https://www.technologyreview.com/s/426987/foundation-medicine-personalizing-cancer-drugs/. 
  5. ↑ 5.0 5.1 Julia Karow (April 13, 2011). "Foundation Medicine Developing Targeted Sequencing Test for 'Clinically Actionable' Cancer Genes". Genome Web. https://www.genomeweb.com/sequencing/foundation-medicine-developing-targeted-sequencing-test-clinically-actionable-ca. 
  6. ↑ Ron Winslow (January 12, 2015). "Roche Holding to Pay $1.03 Billion for Diagnostics-Firm Stake". The Wall Street Journal. https://www.wsj.com/articles/roche-holding-to-pay-1-03-billion-for-diagnostics-firm-stake-1421042401. 
  7. ↑ Julia Karrow (8 March 2018). "Foundation Medicine to Grow Clinical Testing, Pharma Business in 2018". GenomeWeb. https://www.genomeweb.com/molecular-diagnostics/foundation-medicine-grow-clinical-testing-pharma-business-2018#.W1M9QNhKhn6. 
  8. ↑ 8.0 8.1 Julia Karow (December 11, 2013). "LabCorp Steps into NGS-based Oncology Market as Foundation Medicine Adds Hematologic Cancer Test". Genome Web. https://www.genomeweb.com/sequencing/labcorp-steps-ngs-based-oncology-market-foundation-medicine-adds-hematologic-can. 
  9. ↑ Don Seiffert (December 4, 2014). "Foundation Medicine still growing a year after launching blood-cancer test". Boston Business Journal. https://www.bizjournals.com/boston/blog/bioflash/2014/12/foundation-medicine-still-growing-a-year-after.html. 
  10. ↑ Don Seiffert (November 20, 2014). "Foundation Medicine's shares gain on flurry of good news ahead of earnings call". Boston Business Journal. https://www.bizjournals.com/boston/blog/bioflash/2014/11/foundation-medicines-shares-gain-on-flurry-of-good.html. 
  11. ↑ Constance Gustke (July 6, 2017). "Joe Biden's moonshot to crack the code on cancer, one of the biggest killers in America". CNBC. https://www.cnbc.com/2017/07/06/joe-bidens-moonshot-push-to-crack-code-on-cancer.html. 
  12. ↑ Shields, Michael; Hirschler, Ben (19 June 2018). "Roche pays $2.4 billion for rest of cancer expert Foundation Medicine". Reuters. https://uk.reuters.com/article/us-roche-hldg-m-a-fmi/roche-pays-2-4-billion-for-rest-of-cancer-expert-foundation-medicine-idUKKBN1JF0F3. 
  13. ↑ Han, Andrew P. (January 6, 2020). "Guardant Health CEO Deleted Email Evidence After Lawsuit Deposition". https://www.genomeweb.com/cancer/guardant-health-ceo-deleted-email-evidence-after-lawsuit-deposition#.Yxep4i-B2Rs. 
  14. ↑ Leuty, Ron (November 24, 2020). "Showdown over 'liquid biopsy' patents lands two cancer test players in court again". San Francisco Business Times. https://www.bizjournals.com/sanfrancisco/news/2020/11/24/cancer-guardant-health-foundation-medicine-roche.html. Retrieved September 1, 2022. 
  15. ↑ "Guardant Health to License IP to Foundation Medicine for $25M, Royalties Under Settlement Agreement". May 21, 2021. https://www.genomeweb.com/business-news/guardant-health-license-ip-foundation-medicine-25m-royalties-under-settlement#.Yxeq_i-B2Rs. 
  16. ↑ "Roche and Foundation Medicine reach definitive merger agreement to accelerate broad availability of comprehensive genomic profiling in oncology". https://www.roche.com/media/releases/med-cor-2018-06-19.htm. 
  17. ↑ Dr. Hung Tran (23 April 2018). "Foundation Medicine: To Profit From The Increasing Trend Of Personalized Treatment". Seeking Alpha. https://seekingalpha.com/article/4164724-foundation-medicine-profit-increasing-trend-personalized-treatment. 
  18. ↑ Jonathan Saltzman (June 20, 2018). "Roche will pay $2.4 billion to complete its takeover of Foundation Medicine". The Boston Globe. https://www.bostonglobe.com/business/2018/06/20/roche-will-pay-billion-complete-its-takeover-foundation-medicine/yXemI8Wh8BwZg8tuOzrV0N/story.html. 
  19. ↑ Alex Philippidis (January 16, 2018). "Pfizer Joins Foundation Medicine to Develop Cancer CDx". GEN. https://www.genengnews.com/gen-news-highlights/pfizer-joins-foundation-medicine-to-develop-cancer-cdx/81255380. 

External links




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