CAMBRIDGE, Mass.--(BUSINESS WIRE)--Foundation 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
Foundation 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 assays, FoundationOneTM 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 (@FoundationATCG).
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.
