Foundation Medicine (FMI) IPO Jumps Over 70%

September 25, 2013 10:26 AM EDT

Foundation Medicine (FMI) IPO Opens Strong

Foundation Medicine, Inc. (NASDAQ: FMI) IPO opened at $31.50 after pricing 5,888,888 shares $18.00 per share, above the expected $14-$16 range. The offering size was also raised from 5,000,000 shares.

Goldman, Sachs & Co. and J.P. Morgan Securities, LLC acted as joint book-running managers of the offering. Leerink Swann LLC and Sanford C. Bernstein & Co., LLC acted as co-managers.

Foundation Medicine is a commercial-stage company focused on fundamentally changing the way patients with cancer are treated. The company derives revenue from selling products enabled by their molecular information platform to physicians and biopharmaceutical companies. The company's platform includes proprietary methods and algorithms for analyzing tumor tissue samples across all types of cancer, as well as information aggregation and concise reporting capabilities.

The company recorded total revenue of $10.6 million and $11.1 million for the year ended December 31, 2012 and the six months ended June 30, 2013, respectively, and a loss from operations during these periods was $21.9 million and $17.1 million, respectively. The company's accumulated deficit totaled $64.2 million as of June 30, 2013.

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