CAMBRIDGE, Mass., February 23, 2015 Foundation Medicine, Inc. (NASDAQ:FMI) and H3 Biomedicine Inc. today announced a multi-year collaboration for the discovery and development of precision medicines in oncology. The collaboration marries Foundation Medicine’s comprehensive genomic knowledgebase of more than 35,000 genomic profiles, FoundationCORE™, with H3 Biomedicine’s drug discovery engine and computational biology platform. The approach aims to identify potential drug targets based on the unique genomic dependencies of individual cancers, rapidly accelerate clinical development, and lead to the commercialization of new, safe and effective precision medicines for individuals living with cancer.
“Large-scale genomic data sets are the key to identifying actionable targets and addressing the multitude of difficult-to-treat cancers,” said Markus Warmuth, M.D., president and chief executive officer of H3 Biomedicine. “More than ever before, we in cancer drug development have the benefit of an ever-growing arsenal of genomic information including publicly available data sets that inform validation of targets, development of therapies and translation from bench to bedside. In this regard, we believe Foundation Medicine offers one of the most comprehensive cancer genomics knowledgebases available. This collaborative effort will further empower our state-of-the-art discovery engines to deliver novel first-in-class medicines and improve our clinical development strategies by accessing a wealth of clinically annotated, genomic information at least in part derived from later-stage and metastatic cancers.”
“This collaboration with H3 Biomedicine shows how Foundation Medicine is creating value through FoundationCORE,” said Michael J. Pellini, M.D., president and chief executive officer of Foundation Medicine. “Recent scientific advances identifying the unique molecular drivers of cancer are elucidating new approaches to targeted drug development. FoundationCORE, our unique and rapidly growing genomic knowledgebase, can provide valuable insights for our life sciences partners and help them accelerate and increase the probability of success for clinical development of new targeted therapies for patients with cancer.”
Under the terms of the agreement, H3 Biomedicine will pay Foundation Medicine a technology access fee for identification of target concepts arising from FoundationCORE and success milestones for selection, validation, clinical progression, and commercialization of products developed from the program. In addition, Foundation Medicine is eligible to receive royalties on sales of any products resulting from the collaboration.
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 FoundationMedicine.com or follow Foundation Medicine on Twitter (@FoundationATCG).
About H3 Biomedicine Inc.
H3 Biomedicine is a privately held biopharmaceutical company focused on the discovery and early development of novel, targeted anti-cancer compounds for the unmet needs of genetically defined patient populations. H3 has leveraged its integrated expertise in genomics, tumor biology, bioinformatics and innovative synthetic organic chemistry to create an integrated drug development ecosystem to deliver patient-based, genomics-driven, small molecule drugs. In less than three years, H3 has developed four discovery platforms, which have produced two drug candidates for which the company expects to file investigational new drug (IND) applications in late 2015. Founded by a $200 million dollar investment from Eisai Inc., and given operational and strategic independence, H3 has delivered on Eisai’s confidence with multiple platforms generating multiple lead programs. Having reached this inflection point, H3 is considering additional collaborators to fully realize the potential of its growing pipeline of lead programs and drug candidates. H3 Biomedicine is based in Cambridge, Massachusetts. Visit h3biomedicine.com for more information.
Foundation Medicine® and FoundationOne® are registered trademarks of Foundation Medicine, Inc.
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 ability of the collaboration to identify potential drug targets and accelerate clinical development and commercialization of such drug targets and the ability of FoundationCORE to accelerate drug discovery efforts and improve clinical outcomes for drug targets generally. 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 FoundationCORE does not perform as expected; 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.