Cambridge Medical Technology Company Raises More Than $42 Million
BOSTON (CBS) – Foundation Medicine has raised more than $42 million from several sources, including Google Ventures and Third Rock Ventures.
The company has developed genomics-based technology giving physicians new tools to treat cancer.
WBZ NewsRadio 1030’s Anthony Silva reports
Foundation Medicine President and CEO Dr. Michael Pellini tells me the technology is called next generation sequencing. Rather than using a set of individual molecular tests to diagnose cancer, Pellini says Foundation Medicine takes a comprehensive genomic profile, and apply it to each patient’s cancer sample. He says it’s very cost-effective.
Pellini says the product, called Foundation One, was launched last June. He says already, it’s being used by hundreds of physicians, in 16 countries. He says Foundation Medicine is turning the traditional model of molecular testing on its head.
Pellini says the oncology community is taking notice. Even though it was launched just a few months ago, more than 400 oncologists have ordered the tests.