Tuesday, October 25, 2011

Foundation Medicine inks fourth partnership this year

By Rodney H. Brown

Just a week after closing an impressive $33.5 million first funding round, Foundation Medicine Inc. reports it has entered into a collaboration with Johnson & Johnson Pharmaceutical Research and Development LLC, which will use Foundation’s clinical cancer genomic test to help develop cancer treatments.

Cambridge-based Foundation Medicine said in a release that the Johnson & Johnson deal is the fourth such collaboration the startup has entered into this year. Other major pharmaceuticals the company has partnered with include Novartis and Celgene, as well as one Foundation Medicine wouldn’t name. The terms of the new Johnson & Johnson deal – like the Novartis and Celgene deals – were not disclosed.

Foundation Medicine’s genomic tests rely on next-generation sequencing to identify molecular changes in cancer-linked genes. Johnson & Johnson will use that sequencing technology to help identify biomarkers to be used in “ongoing clinical development of new targeted cancer therapies,” said Michael J. Pellini, president and CEO of Foundation Medicine, in a release.

The deal between Foundation Medicine and Celgene was announced in May. Under the terms of that deal, Foundation Medicine will help identify genetic traits of trial participants in Celgene’s drug trials. In January, Foundation Medicine announced the deal with Novartis.

Last week, Foundation Medicine closed out its Series A round well above the initially planned $25 million mark, rounding it at $33.5 million. Joining founding investment firm Third Rock Ventures in the round were new backers Kleiner Perkins Caufield & Byers and Google Ventures. When it launched in April 2010, Foundation Medicine had $25 million in hand from Third Rock, also based in Cambridge.