CAMBRIDGE, Mass.--(BUSINESS WIRE)--

Foundation Medicine, Inc. (FMI) today announced that 2,577 FoundationOne tests were reported to ordering oncologists in the quarter ended September 30, 2013, an increase from the 1,626 reported in the second quarter of 2013. Total revenues increased to $8.2 million for the third quarter of 2013 compared with $5.9 million in the second quarter of 2013. More than half of third quarter revenues were derived from clinical testing. FoundationOne, the companys initial clinical product, is a fully informative genomic profile used by oncologists to identify a patients individual molecular alterations and match them with relevant targeted therapies and clinical trials.

Results in the third quarter demonstrate the growing enthusiasm in the marketplace for our fully informative genomic profile for use across all solid tumors, said Michael Pellini, M.D., president and chief executive officer, Foundation Medicine. We are very encouraged by the commercial traction as the utility of FoundationOne and the information it delivers garners growing recognition among oncologists, pathologists and pharmaceutical companies. In addition, the number of scientific publications generated using our molecular information platform during the quarter continues to underscore its clinical utility and value in the care of patients with cancer.

Total operating expenses for the third quarter of 2013 were $16.5 million, inclusive of $3.0 million in stock-based compensation expense. This compares with total operating expenses for the second quarter of 2013 of $13.7 million, inclusive of $1.3 million in stock-based compensation expense. In addition to stock-based compensation expense, the increase in operating expenses was primarily attributable to the ongoing development of FoundationOne for hematologic malignancies, relocation costs of moving to a new headquarters facility and the growth of our commercial organization.

Net loss was $12.5 million in the third quarter of 2013, inclusive of a $1.3 million warrant remeasurement charge, or a $3.51 loss per basic and diluted share. At September 30, 2013, the company had $138 million of cash, cash equivalents and investments.

Third Quarter and Recent Enterprise Highlights

Conference Call and Webcast Details

To access the live conference call today, November 6 at 4:30 p.m. Eastern Time via phone, dial (877) 941-2069 from the United States and Canada or +1(480) 629-9713 internationally and reference Foundation Medicine providing the passcode 4647488. Dial in approximately ten minutes prior to the start of the call. The live, listen-only webcast of the conference call can be accessed by visiting the investors section of the Foundation Medicine website at investors.foundationmedicine.com. A replay of the webcast will be available shortly after the conclusion of the call and archived on the companys website for two weeks following the call.

About Foundation Medicine

Foundation Medicine (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 patients unique cancer. The companys initial clinical product, FoundationOne, is a fully informative genomic profile to identify a patients individual molecular alterations and match them with relevant targeted therapies and clinical trials. Foundation Medicines 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).

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Foundation Medicine Announces 2013 Third Quarter Results