Foundation Medicine, Five Prime jump in IPO queue
Foundation Medicine Inc. (Cambridge, Mass.) and Five Prime Therapeutics Inc. (South San Francisco, Calif.) jumped in the IPO queue on Monday. Foundation Medicine filed to raise up to $86.3 million in an IPO underwritten by Goldman Sachs; JPMorgan; Leerink; and Sanford C. Bernstein, while Five Prime filed to raise up to $60 million in an IPO underwritten by Jefferies; BMO Capital Markets; Wells Fargo; and Guggenheim Securities.
Foundation Medicine markets its FoundationOne genomic profile to identify treatment options and clinical trials for cancer patients. The laboratory-developed test (LDT) identifies all somatically altered genes from formalin-fixed, paraffin-embedded (FFPE) tumor tissue samples that are validated targets for therapy or drivers of oncogenesis. The company raised $42.5 million in a series B round last September (see BioCentury, Sept. 24, 2012). ...