Founding investor Third Rock Ventures has led a team of new investors including Kleiner Perkins Caufield & Byers (KPCB) and Google Ventures in a $33.5m Series A financing round for Foundation Medicine, a cancer diagnostics company that aims to bring comprehensive cancer genome analysis to routine care.
The company has developed a comprehensive cancer diagnostic test that will use next-generation sequencing to analyse routine clinical specimens, such as small amounts of formalin fixed, paraffin-embedded tumour tissue, for molecular alterations in more than 200 cancer-related genes.
KPCB founding partner Brook Byers said, “Foundation Medicine is an emerging leader in the field of molecular diagnostics and clinical next-generation sequencing. We believe the company has the potential to truly enable personalised medicine by supporting clinical decision making to improve cancer patient care.
“The founding advisors are world leaders in cancer genomics, cancer biology, clinical oncology and information sciences, and the company is led by a management team with a track record in building successful organizations focused on delivering innovations in the life sciences to benefit as many patients as possible. This blend of scientific and business leadership positions the company well to bring cancer genomics into the routine practice of medicine.”
KPCB and Google Ventures have made a number of co-investments in the past. Last month residential solar financing company Clean Power Finance closed a $25m investment from the pair, led by KPCB’s Green Growth Fund.
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