News Column

Foundation Medicine Reports Preliminary 2013 Results and Provides 2014 Guidance

January 27, 2014

By a News Reporter-Staff News Editor at Clinical Trials Week -- Foundation Medicine, Inc. (NASDAQ:FMI) announced preliminary unaudited total revenue of approximately $29 million for the year ended December 31, 2013 , as compared to $10.6 million for the prior year. Approximately 3,750 FoundationOne™ clinical tests were reported to ordering oncologists during the fourth quarter of 2013, compared with 2,577 reported in the third quarter of 2013. More than 9,000 FoundationOne clinical tests were reported to ordering oncologists in all of 2013. FoundationOne, the company's initial clinical product, is a fully informative genomic profile used by oncologists to identify the molecular alterations in a patient's tumor and match them with relevant targeted therapies and clinical trials (see also Foundation Medicine, Inc. ). "The strong clinical adoption in the fourth quarter was driven by our expanding commercial team and the increase in repeat testing in both academic medical centers and in the community setting," said Michael J. Pellini , M.D., president and chief executive officer, Foundation Medicine . "We are also looking forward to the impact that our new test, FoundationOne Heme, will have in 2014 for patients who are diagnosed with hematologic malignancies and sarcomas, and for pediatric patients." Keywords for this news article include: Foundation Medicine Inc , Clinical Trials and Studies. Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC

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Source: Clinical Trials Week

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