Foundation Medicine data to have positive effect on reimbursement, says Wedbush After clinical data on gene fusion detection indicated that such detection led to clinical action in about 15% of patients, Wedbush thinks the 15% level will be more than enough for large payors to recognize the importance of deep tumor profiling in some patients. The firm thinks the recent increase in reimbursement rates for BRCA pricing is positive for long-term FoundationOne reimbursement. Wedbush keeps a $50 price target and Outperform rating on Foundation Medicine.
Foundation Medicine, WuXi PharmaTech announce strategic collaboration Foundation Medicine (FMI) and WuXi PharmaTech (WX) 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.