Press Release September 24, 2012

Goodwin Procter Advises Foundation Medicine on $42.5 Million Funding Round

A team of Goodwin Procter attorneys represented Foundation Medicine in a $42.5 million round of financing from investors announced Sept. 20. The latest round of financing brings the total amount of investment in the cancer diagnostics company to $86 million.

The Cambridge, Mass.-based company secured the Series B round from several new investors. In this round, public crossover funds Deerfield Management Company, L.P., Casdin Capital, Redmile Group and strategic investors Roche Venture Fund and WuXi Corporate Venture Fund joined founding investor Third Rock Ventures and current venture capital backers Google Ventures and Kleiner Perkins Caufield & Byers. One undisclosed fund and one undisclosed strategic investor also joined the round. The three-year old company had a Series A financing of $43.5 million in 2011.

Foundation has grown from 35 to 70 employees in the past year and plans to use the latest investment infusion to expand its commercial operations, increase its laboratory facilities, and develop additional genomic profile and information services.

“Helping Foundation Medicine raise this new financing at such an exciting and important time for this cutting-edge company has been extremely gratifying,” said Kingsley Taft, co-chair of Goodwin’s Life Sciences Practice. “We look forward to watching Foundation change how cancer is treated for the benefit of patients.”

The Goodwin team that advised Foundation was led by Taft and included Arthur McGivern and Caitlin Murray.