CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Medicine today announced it has extended and expanded its ongoing
collaboration with Novartis to provide molecular information and
comprehensive genomic profiling analysis in support of many of Novartis'
clinical oncology programs. The collaboration will now extend through at
least September 2016.
As the result of Foundation Medicine and Novartis' pilot program
established in January 2011 and an expanded three-year agreement in June
2012, Foundation Medicine's comprehensive genomic profiling has
generated clinically relevant data and is now regularly used in many of
Novartis' oncology clinical trials. This new agreement, which the
companies agreed to extend and expand prior to the end of the existing
term, includes committed capacity for Foundation Medicine to provide
genomic profiling of patient samples from Novartis clinical trials, as
well as access to Foundation Medicine's molecular information and
analysis services. The new three-year agreement also gives Novartis the
option to extend the term for an additional two-year period. Financial
terms are not being disclosed.
"We are deeply committed to our relationship with Novartis and pleased
with the continued growth of our collaboration," said Michael J.
Pellini, M.D., president and CEO, Foundation Medicine. "In addition to
providing comprehensive genomic profiling for patients in Novartis
clinical trials, this expanded agreement will allow Novartis to take
advantage of our unique and growing database of molecular information to
support the evaluation and development of Novartis' oncology drug
candidates, biological targets and clinical trials."
Foundation Medicine uses comprehensive, clinical grade next-generation
sequencing to assess routine cancer specimens for all genes that are
currently known to be somatically altered and unambiguous drivers of
oncogenesis in solid tumors and hematologic malignancies, as well as
many sarcomas and pediatric cancers. Novartis uses these capabilities to
support its targeted therapy clinical development efforts by helping to
align the genomic profile of individual patient's cancer with clinical
trial enrollment criteria and clinical outcome analysis.
About Foundation Medicine
Medicine® (NASDAQ: FMI) is a molecular information
company dedicated to a transformation in cancer care in which treatment
is informed by a deep understanding of the genomic changes that
contribute to each patient's unique cancer. The company's clinical
for solid tumors and FoundationOneTM
Heme for hematologic malignancies, sarcomas and pediatric cancers, each
provide a fully informative genomic profile to identify a patient's
individual molecular alterations and match them with relevant targeted
therapies and clinical trials. Foundation Medicine's molecular
information platform aims to improve day-to-day care for patients by
serving the needs of clinicians, academic researchers and drug
developers to help advance the science of molecular medicine in cancer.
For more information, please visit www.FoundationMedicine.com
or follow Foundation Medicine on Twitter
Foundation Medicine® is a registered trademark, and FoundationOneTM
is a trademark, of Foundation Medicine, Inc.
Cautionary Notes Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements regarding the continuation and
expansion of the collaboration between Foundation Medicine and Novartis,
decisions by Novartis to send patient samples involved in Novartis
clinical trials to Foundation Medicine for genomic profiling and to
access to Foundation Medicine's molecular information and analysis
services, and the exercise by Novartis of its option to extend the term
of the collaboration. All such forward-looking statements are based on
management's current expectations of future events and are subject to a
number of risks and uncertainties that could cause actual results to
differ materially and adversely from those set forth in or implied by
such forward-looking statements. These risks and uncertainties
include the risk that Foundation Medicine's genomic profiling services
may not meet the clinical standards expected by Novartis for its
research purposes; the risk that Novartis may decide that using
comprehensive, clinical grade next-generation sequencing is not
necessary or useful as part of its clinical trial activities, the risk
that other parties may offer to furnish Novartis with genomic profiling
services that Novartis determines are more suitable for its clinical
activities; and the risks described under the caption "Risk Factors" in
Foundation Medicine's Form 10-Q, which is on file with the Securities
and Exchange Commission, as well as other risks detailed in Foundation
Medicine's subsequent filings with the Securities and Exchange
Commission. All information in this press release is as of the
date of the release, and Foundation Medicine undertakes no duty to
update this information unless required by law.
Pure Communications, Inc.
Matt Clawson, 617-418-2283
Source: Foundation Medicine
News Provided by Acquire Media