CAMBRIDGE, Mass. and SHANGHAI, Oct. 22, 2014 -- Foundation Medicine, Inc. (NASDAQ:FMI) and WuXi PharmaTech (Cayman) Inc. (NYSE:WX) today announced a collaboration to offer Foundation Medicine's comprehensive genomic profiling to biopharmaceutical companies conducting clinical trials in China.
Under the terms of the collaboration, Foundation Medicine will license and enable WuXi to perform the laboratory component of Foundation Medicine's FoundationOne® assay at the WuXi Genome Center in Shanghai, the first and only CLIA-certified laboratory in China. Foundation Medicine will offer China-based products and services to global biopharmaceutical partners to support their clinical research and development efforts in China. Financial terms of the collaboration are not being disclosed.
"China is poised to become the second-largest pharmaceutical market within the next few years," said Dr. Ge Li, chairman and chief executive officer of WuXi. "WuXi has seen rapidly increasing demand for molecular profiling services from biopharmaceutical companies as they scale up R&D operations and early development activities in the region. We are pleased to partner with Foundation Medicine, the recognized global leader in comprehensive genomic profiling and a trusted partner of our customers, to provide best-in-class genomic testing to support targeted oncology therapeutic development in China."
"WuXi is the recognized leader in providing high-quality R&D services in China to the biopharmaceutical industry," said Michael J. Pellini, M.D., president and chief executive officer of Foundation Medicine. "The development and use of targeted therapies and comprehensive diagnostic tests in oncology are expected to grow significantly in China. WuXi's leadership position in China makes WuXi an ideal partner as Foundation Medicine expands its global reach to support targeted drug development and clinical entry into this rapidly growing market."
Foundation Medicine is working with more than 20 biopharmaceutical companies to provide comprehensive genomic profiling in more than 100 studies in 2014 alone. Publicly announced research partners include AstraZeneca, Eisai, Johnson & Johnson, Novartis, and Sanofi.
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, FoundationOne for solid tumors and FoundationOne Heme for hematologic malignancies, sarcomas and pediatric cancers, provide a fully informative genomic profile to identify the molecular alterations in a patient's cancer 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 http://www.FoundationMedicine.com or follow Foundation Medicine on Twitter (@FoundationATCG).
Foundation Medicine® and FoundationOne® are registered trademarks of Foundation Medicine, Inc.
FoundationOne, the company's first clinical product, is a fully informative genomic profile for solid tumors used by oncologists to identify the molecular alterations in a patient's tumor and to match those alterations with relevant targeted therapies and clinical trials. Using next-generation sequencing in routine cancer specimens, FoundationOne interrogates all genes somatically altered in human cancers that are validated targets for therapy or unambiguous drivers of oncogenesis based on current knowledge. It reveals all classes of genomic alterations, including base substitutions, insertions, deletions, copy number alterations and select rearrangements. FoundationOne fits easily into the clinical workflow of the ordering physician, and test results are provided in an easy-to-interpret report supported by a comprehensive review of published literature. FoundationOne is a laboratory-developed test performed at Foundation Medicine's CLIA-certified lab. The test is accredited by CAP, is approved by the New York State Department of Health and has received a CE Mark. Please visit http://www.FoundationOne.com for more information.
About WuXi PharmaTech
WuXi PharmaTech is a leading open-access R&D capability and technology-platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. WuXi PharmaTech's operating subsidiaries are known as WuXi AppTec. For more information, please visit http://www.wuxiapptec.com.
About the WuXi Genome Center
The WuXi Genome Center was established in 2011 to provide sequencing solutions to advance personalized medicine. By integrating with WuXi AppTec's full range of discovery and development services for the biopharmaceutical industry, the WuXi Genome Center provides a complete solution for drug development projects from target discovery and preclinical and clinical development to personalized medicine. The center meets international clinical standards and is the only CLIA-certified clinical genomics lab in China. In addition to offering sequencing services, WuXi's genomics lab also provides assay development, validation, and testing services.
Cautionary Note Regarding Forward-Looking Statements for Foundation Medicine
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 commencement of a collaboration with WuXi, the performance by WuXi of the laboratory component of the FoundationOne assay in China, the offer of the FoundationOne assay to biopharmaceutical partners to support research and development activities in China and the expected growth of targeted therapies and comprehensive diagnostic tests in oncology in China. 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 risks that WuXi fails or delays to establish the ability to perform the laboratory component of FoundationOne; that regulatory restrictions delay or restrict the delivery of Foundation Medicine's comprehensive genomic profiling as contemplated by this collaboration; that the market for biopharmaceutical companies to obtain FoundationOne testing for research and development purposes in China may not develop successfully; and the risks described under the caption "Risk Factors" in Foundation Medicine's Annual Report on Form 10-K for the year ended December 31, 2013, 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.
Dan Budwick, Pure Communications, Inc.
Associate Director of Corporate Communications
Director of Investor Relations